Rooney Publications established the following standard price and costs for a hardcover picture book that the company produces. .ce and variable costs S1 Sales price 36.40 Materials cost 8.70 Labor cost Overhead cost Selling, general, and administrative costs 3.80 5.70 6.70 P 1ed costs Ma rhead $133,000 Selling, general, and administrative 52,000 Assume that Rooney actually produced and sold 22,000 books. The actual sales price and costs incurred follow Actual price and variable costs Sales price Materials cost S 35.40 8.90 s Overhead co 5.75 Selling, general, and administrative costs Actual fixed costs 6.50 Manufacturing overhead Selling, general, and administrative $118,000 58,000 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 Lahor Actual price and variable costs Sales price 35.40 Materials cost Overhead cost 5.75 Selling, general, and administrative costs Actual fixed costs 6.50 $118,000 58,000 Manufacturing overhead Selling, general, and 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).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general,and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income