Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label etch variance as fan Actual Flexible-Budget Flexible Sales-Volume Static Results Variance Budget Variance Budget 6,100 Output units $4,270,000 Revenues Direct materials $ 1,366,400 Direct manufacturing labor 696,400 1,350,000 Fixed costs 3.411.800 Total costs $ 858,200 Operating income Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Emciency variance U ariance ariance Monza Statuary manufactures bust statues of famous historical figures. All statues Standard quantities, standard prices, and standard unit costs follow for direct are the same size. Each unit requires the same amount of resources. The materials and direct manufacturing labor following information is from the static budget for 2017: (Click the icon to view the data.) (Click the loon to view the static budget data) Read the requirements ariance arianne 1. Calculate the sales-volume variance and flexible-budget variance for operating income. 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Expected production and sales 6,400 units Expected selling price per unit $ 715 Total fixed costs $ 1,250,000 7 Standard Quantity Standard Price Standard Unit Cost Direct materials $80 10 pounds 3.7 hours $8 per pound $50 per hour Direct manufacturing labor $185 During 2017, actual number of units produced and sold was 4,800, at an average selling price of $750. Actual cost of direct materials used was $392,700, based on 66,000 pounds purchased at $5.95 per pound. Direct manufacturing labor-hours actually used were 18,300, at the rate of $48.00 per hour. As a result, actual direct manufacturing labor costs were $878,400. Actual fixed costs were $1,200,000. There were no beginning or ending inventories