Problem 8-21A Determining and interpreting flexible budget variances LO 8-4 Lloyd 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 $36.20 8.30 4.30 5.30 Selling. general, and administrative690 costs Planned fixed costs $126,000 54,000 Manufacturing overhead Selling, general, and administrative Assume that Lloyd actually produced and sold 24,000 books. The actual sales price and costs incurred follow. Assume that Lloyd actually produced and sold 24,000 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 $35.20 8.50 4.20 5.35 6.70 administrative costs Actual fixed costs $111,000 Manufacturing overhead Selling, general, and 60,000 administrative Required: a.&b.Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Required: a.&b.Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable Selling, general,and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative Net income