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 each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Actual Flexible-Budget Flexible Sales-Volume Static Results Variance Budget Variance Budget Output units Revenues Direct materials Direct manufacturing labor Fixed costs Total costs 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 Efficiency variance Compute the price and efficiency variances for direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variancecomplete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, R X - X Requirements Data Table 1. Calculate the sales-volume variance and flexible-budget variance for Standard Quantity Standard Price Standard Unit Cost operating income. Compute price and efficiency variances for direct materials and direct $208 2. Direct materials 16 pounds $13 per pound manufacturing labor. Direct manufacturing labor 3.9 hours $30 per hour $117 During 2020, actual number of units produced and sold was 5,700, at an average selling price of $800. Actual cost of direct materials used was $1, 193, 100 (61,500 pounds at $19.40 per pound). X Actual direct manufacturing labor costs were $658,800 (18,000 actual direct manufacturing Data Table labor-hours at $36.60 per hour). Actual fixed costs were $1, 180,000. There were no beginning or ending inventories. de Expected production and sales 6,200 units ariances for direct mater Expected selling price per unit $ 770 Print Done Total fixed costs $ 1,450,000 ariances for direct manu Print Done