Lloyd publications established the following standard price and costs for a hardcover picture book that the company produces. standard price and variable costssales price $36.00materials cost 8.30labor cost 3.50overhead cost 6.10selling, general, and administrative costs 6.40planned fixed costs manufacturing overhead $131,000selling, general, and administrative 51,000
assume that lloyd actually produced and sold 38,000 books. the actual sales price and costs incurred follow. actual price and variable costssales price $35.00materials cost 8.50labor cost 3.40overhead cost 6.15selling, general, and administrative costs 6.20planned fixed costs manufacturing overhead $116,000selling, general, and administrative 57,000

required: determine the flexible budget variances and also indicate the effect of each variance as favorable (f) or unfavorable (u).flexible budget variancessales revenue variable manufacturing costs materials labor overhead variable selling, general, and administrative costs contribution margin fixed costs manufacturing overhead selling, general, and administrative net income