Vernon 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 Selling general, and administrative costa Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.10 8.70 3.90 5.60 7.00 $133,000 53,000 Assume that Vernon actually produced and sold 39,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative conta Actual tixed costs Manufacturing overhead Selling general, and administrative $35.10 8.90 3.80 5.55 6.80 $118.000 59,000 Required a. & b. Determine the flexible budget variances and also indicate whether each variance is favorable ( or unfavorable (U). (Select "None" if there is no effect (ie, zero variance).) Flexible Budget Variances Sales revenue Actual PELC and variable CUNGE Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative $35.10 8.90 3.80 5.65 6.80 $118,000 59,000 Required a. & b. Determine the flexible budget variances and also indicate whether each variance is 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 Variable selling general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general and administrative costs Not income