Problem 15-21A (Algo) Determining and interpreting flexible budget variances LO 15-5 Finch Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Labor cost Materials cost Overhead cost Planned fixed costs Manufacturing overhead $ 36.80 8.40 4.201 5.70 6.70 $128,000 46,000 Selling, general, and administrative costs Selling, general, and administrative Assume that Finch actually produced and sold 22,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Actual fixed costs Manufacturing overhead Selling, general, and administrative costs Selling, general, and administrative $ 35.80 8.60 4.10 5.25 6.50 $113,000 52,000 Required a. & b. Determine the flexible budget variances and also Indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income Flexible Budget Variances