Milan Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: E (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: Click the icon to view the data.) RRR Read the requirements, Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Actual Flexible-Budget Flexible Results Variance Budget 5,800 5,800 0 Output units $ 4,466,000 Revenues 4745000 Direct materials $ 633,600 651,700 Direct manufacturing labor Fixed costs 1,210,000 Total costs $ 2,495,300 $ 1,970,700 Operating income Milan Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: E (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: (Click the icon to view the data.) Data Table Requirement 1. Calcul. unfavorable (U). (For Begin with the actual re variances with a $0 ball Standard Price Standard Unit Cost Standard Quantity 12 pounds Direct materials $108 $9 per pound $30 per hour Direct manufacturing labor 3.8 hours $114 Output units Revenues During 2020, actual number of units produced and sold was 5,800, at an average selling price of $770. Actual cost of direct materials used was $633,600 (72,000 pounds at $8.80 per pound). Actual direct manufacturing labor costs were $651,700 (19,000 actual direct manufacturing labor-hours at $34.30 per hour). Actual fixed costs were $1,210,000. There were no beginning or ending inventories. Direct materials Direct manufacturing la Fixed costs Print Done Total costs Operating income Milan Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: E (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the sales-volume Data Table Begin with the actual results, then complete variances with a $0 balance, make sure to el as favorable (F) or unfavorable (U). (For Actual 6,500 units Results Expected production and sales Expected selling price per unit $ 730 5,80 Output units Total fixed costs $1,500,000 Revenues $ 4,466,00 Direct materials $ 633,60 Print 651,70 Done Direct manufacturing labor Fixed costs 1,210,00 Total costs $ 2,495,300 $ 1,970,700 Operating income