Problem 15-21A (Algo) Determining and interpreting flexible budget variances LO 15-5 Baird Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cont Labor cont Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $ 36.70 8.10 4.00 6.00 6.30 $131,000 $1,000 Assume that Baird actually produced and sold 29,000 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 $ 35.70 8.30 3.90 6.05 Selling, general, and administrative costs Selling, general, and administrative Required 6.10 $116,000 57,000 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).) Flexible Budget Variances