Verona Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor. same amount of resources. The following information is from the static budget for 2017: (Click the icon to view the data) (Click the icon to view the static budget data.) Read the requirements. Requirement 1. Calculate the sales-volume variance and flexible-budget variance operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label cach variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter variance is zero, do not select a label) in the appropriate field. If the Actual Flexible Flexible-Budget Varlance Sales-Volume Varlance Static Budget Results Budget Output units Revenues II Direct materials Direct manufacluring labor Fixed costs 1 Total costs Operating income Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Compute the price and efficiency variances for direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Data table 6,700 units Expected production and sales Expected selling price per unit Total fixed costs $ 745 $ 1,350,000 Print Done Data table Standard Quantity Standard Price Standard Unit Cost Data Table LE vrials 12 pounds $108 $9 per pound $30 per hour Direct manufacturing labor 3.8 hours $114 During 2017, actual number of units produced and sold was 5,800, at an average selling price of $760. Actual cost of direct materials used was $633,600, based on 72,000 pounds purchased at $8.80 per pound. Direct manufacturing labor-hours actually used were 19,000, at the rate of $34.30 per hour. As a result, actual direct manufacturing labor costs were $651,700. Actual fixed costs were $1,210,000. There were no beginning or ending inventories