A new accounting intern at Gibson Corporation lost the only copy of this period's master budget. The CFO wants to evaluate performance for this period but needs the master budget to do so. Actual results for the period follow. Sales volume 150,000 units $840,000 Sales revenue Variable costs Manufacturing 184,800 Marketing and administrative 75,600 Contribution margin Fixed costs Manufacturing Marketing and administrative Operating profit $579,600 234,000 119,650 $225,950 The company planned to produce and sell 124,500 units for $5.00 each. At that volume, the contribution margin would have been $435,750. Variable marketing and administrative costs are budgeted at 10 percent of sales revenue. Manufacturing fixed costs are estimated at $2.00 per unit at the normal volume of 124,500 units. Management notes, "We budget an operating profit of $1.00 per unit at the normal volume." Required: a. Construct the master budget for the period. b. Prepare a profit variance analysis. Required A Required B Prepare a profit variance analysis. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either op GIBSON CORPORATION Profit Variance Analysis Actual Manufacturing Variances Administrative Variances Marketing and Flexible Sales Price Variance Sales Activity Variance Master Budget Budget Sales revenue $ 840,000 F Variable costs: Manufacturing Marketing and administrative Contribution margin $ 184,800 $ 75,600 579,600 $ 34,800 U U 150,000 U U 34,800 U U F F Fixed costs: Manufacturing 234,000 Marketing and administrative 119,650 F Operating profit $ 225,950 < Required A Required B >