answer in text form please (without image) Munoz Manufacturing Company established the following standard price and cost data:Sales priceVariable manufacturing costFixed manufacturing costFixed selling and administrative costMunoz planned to produce and sell 2,300 units. Actual production and sales amounted to 2,500 units.Assume that the actual sales price is $8.00 per unit and that the actual variable cost is $3.50 per unit. The actual fixed manufacturingcost is $1,700, and the actual selling and administrative costs are $1,025.Requireda.&b. Determine the flexible budget variances and classify the variances by selecting favorable (F) or unfavorable (U). (Select "None" ifthere is no effect (i.e., zero variance).)SalesVariable manufacturingContribution margin$ 8.20 per unit$ 3.30 per unit$2,300 total$1,000 totalFixed manufacturingFixed selling and administrative costNet income (loss)Flexible BudgetVariancesU

The contribution margin is calculated as the difference between the sales and variable costs. The net income is calculated as the difference between the contribution margin and fixed costs.Part a&b.Flexible budget variances Actual resultsFlexible budgetFlexible budget variancesUnits2,5002,500 Sales2,500*$8 =$20,0002,500*$8.20 =$20,500$500 UVariable manufacturing costs2,500*$3.5= $8,7502,500*$3.30 = $8,250$500 UContribution margin20,000-8,750 = 11,25020,500– 8,250 =$12,250$1,000 UFixed manufacturing costs1,7002,500$800 FFixed selling and administrative costs1,0251,000$25UNet income (loss)$8,525(11,250-1700-1025)$8,750(12,250-2500-1,000)$225 U Part a&b.Flexible budget variances Flexible budget variancesUnits Sales$500 UVariable manufacturing costs$500 UContribution margin$1,000 UFixed manufacturing costs$800 FFixed selling and administrative costs$25UNet income (loss)$225 U