Saved Ch 15 HW 0 Help Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Baird Publications established the following standard price and costs for a hardcover picture book that the company produces $ Standard price and variable costs Sales price Materiale cost Labor cost Overhead coat Selling, general, and administrative costs Planned fixed costa Manufacturing overhead Selling, general, and administrative 36.10 8.80 3.50 5.40 7.00 ferences $129.000 50,000 Assume that Baird actually produced and sold 25.000 books. The actual sales price and costs incurred follow. $ Metal price and variable sota Sales price Materiale coat Labor nout Overhead coat Selling generaland distrative coats Mtual fixed coate Nanotacturing overhead Selling general, and administrative 35.10 9.00 3.00 6.00 5116,000 56,000 Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable IU). (Select "None" If there is no effectie, zero variancel) Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (7) or unfavorable (U). (Select "None" If there is no effect (.e., zero varlance).) Flexible Budget Varlances ences Sales revenue Variable manufacturing costs Materials Labor Overhead Selling general and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling general, and administrative costs Net income