Thornton Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Planned fixed costs. Manufacturing overhead Selling, general, and administrative costs. Selling, general, and administrative $ 36.40 8.80 3.90 5.90 6.80 $134,000 45,000 Assume that Thornton actually produced and sold 32,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price. Materials cost Labor cost Overhead cost Actual fixed costs. Manufacturing overhead Selling, general, and administrative costs Selling, general, and administrative $ 35.40 9.00 3.80 5.95 6.60 $119,000 51,000 Required a. & b. Determine the flexible budget variances and also Indicate whether each variance is favorable (F) or unfavorable (U). (Sele "None" if there is no effect (i.e., zero variance).)