Static budget data Expected production and sales 6,700 units Expected selling price per unit $ 760 Total fixed costs $ 1,450,000Direct materials and direct manufacturing labour data Standard Quantity Standard Price Standard Unit Cost Direct materials 8 kilograms $7 per kilogram $56 Direct manufacturing labour 3.3 hours $50 per hour $165 During 2021, actual number of units produced and sold was 5,800, at an average selling price of $800. Actual cost of direct materials used was $332,800, based on 64,000 kilograms purchased at $5.20 per kilogram. Direct manufacturing labour-hours actually used were 17,500, at the rate of $54.22 per hour. As a result, actual direct manufacturing labour costs were $948,850. Actual fixed costs were $1, 150,000. There were no beginning or ending inventories.Palermo Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2021: (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labour: (Click the icon to view the direct materials and direct manufacturing labour data.) RequiredRequirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, and then complete the flexible budget columns and the static budget columns. Label each variance as favourable (F) or unfavourable (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 labour Fixed costs Total costs Operating incomeRequirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labour. Compute the price and efficiency variances for direct materials. Label each variance as favourable (F) or unfavourable (U). Price variance Efficiency variance Compute the price and efficiency variances for direct manufacturing labour. Label each variance as favourable (F) or unfavourable (U). Price variance Efficiency variance