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

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Accounting

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

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Required

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

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Assume that Jordan actually produced and sold 33,000 books. The actual sales price and costs incurred follow: \begin{tabular}{|l|l|l|} \hline & \multicolumn{2}{|c|}{\begin{tabular}{c} Flexible Budget \\ Variances \end{tabular}} \\ \hline Sales revenue & & \\ \hline Variable manufacturing costs & & \\ \hline Materials & & \\ \hline Labor & & \\ \hline Overhead & & \\ \hline Variable selling, general, and administrative costs & & \\ \hline Contribution margin & & \\ \hline Fixed costs & & \\ \hline Manufacturing overhead & & \\ \hline Selling, general, and administrative costs & \\ \hline Net income & & \\ \hline \end{tabular}

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