Question

Solomon Publications established the following standard price and costs for a hardcover picture book that the...

Solomon Publications established the following standard price and costs for a hardcover picture book that the company produces.

Standard price and variable costs
Sales price $ 37.00
Materials cost 8.00
Labor cost 3.70
Overhead cost 5.50
Selling, general, and administrative costs 6.90
Planned fixed costs
Manufacturing overhead $ 127,000
Selling, general, and administrative 48,000

Assume that Solomon actually produced and sold 24,000 books. The actual sales price and costs incurred follow:

Actual price and variable costs
Sales price $ 36.00
Materials cost 8.20
Labor cost 3.60
Overhead cost 5.55
Selling, general, and administrative costs 6.70
Actual fixed costs
Manufacturing overhead $ 112,000
Selling, general, and administrative 54,000

Required

a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)

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