Fanning Publications established the following standard price and costs for a hardcover picture book that the company produces: Standard price and variable costs Sales price $ 36.70 Materials cost 8.10 Labor cost 4.20 Overhead cost 5.80 Selling, general, and administrative costs 6.40 Planned fixed costs Manufacturing overhead $ 126,000 Selling, general, and administrative 53,000 Assume that Fanning actually produced and sold 39,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price $ 35.70 Materials cost 8.30 Labor cost 4.10 Overhead cost 5.85 Selling, general, and administrative costs 6.20 Actual fixed costs Manufacturing overhead $ 111,000 Selling, general, and administrative 59,000 Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable or unfavorable