Stuart Publications established the following standard price and costs for a hardcover picture book that the compar produces Standard price and variable coats Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative coats Planned fixed costs Manufacturing overhead Selling, general, and administrative 37.00 8.80 4.50 5.60 6.90 $130,000 $1,000 Assume that Stuart actually produced and sold 38.000 books. The actual sales price and costs incurred follow 5 Actual price and variable costa Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative 36.00 9.00 4.40 5.65 6.70 $125,000 57,000 Required a. & b. Determine the flexible budget variances and also indicate whether each variance is favorable (F) or untavorable (U). (Select "None if there is no effect (te, zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling general and administrative costs Contribution margin Foxed costs Manufacturing overhead Selling, general and administrative costs Net Income