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 Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 5 36.60 8.30 3.70 6.00 6.50 $130,000 45,000 Assume that Finch actually produced and sold 38,000 books. The actual sales price and costs incurred follow, Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative $35.60 8.50 3.60 6.05 6.30 $115,000 51,080 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 (.e., zero variance).) M. Ludt preanu Val LULE CUSLS Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative $ 35.60 8.50 3.60 6.05 6.30 $115,000 51,000 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 (l.e., zero variance).) Flexible Budget Variances TU U F Sales revenue Variable manufacturing costs Materials Labor Overhead Variable seling, general, and administrative costs Contribution margin Forced costs Manufacturing overhead Selling, general, and administrative costs Not income U 15.000 F 6.000 10 U