Acc202 Survey of Accounting: P15-19 Use the standard price and cost data supplied in Problem 15-18

Acc202 Survey of AccountingP15-19 Determining and interpreting flexible budget variances Use the standard price and cost data supplied in Problem 15-18. Assume that Holligan actually produced and sold 31,000 books. The actual sales price and costs incurred follow. Units produced and sold (actual) 31,000Actual price and variable costs: Sales price $36.00Materials $9.10Labor $4.10Overhead $6.20General, selling and administrative $6.10Actual fixed costs: Manufacturing 120,000General, selling and administrative 55,000Required: a. Determine the budget variances. Provide another name for the fixed cost flexible budget variance. b. Indicate whether each variances is favorable (F) or unfavorable (U). c. Identify the management position responsible for each variance. Explain what could have caused the variances.