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. 140, eee units $948,800 Sales volume Sales revenue Variable costs Manufacturing Marketing and administrative Contribution margin Fixed costs Manufacturing Marketing and administrative Operating profit 286,976 84,672 $649,152 261, 520 149,840 $ 237,792 The company planned to produce and sell 114,800 units for $6.00 each. At that volume, the contribution margin would have been $482,160. Variable marketing and administrative costs are budgeted at 10 percent of sales revenue Manufacturing fixed costs are estimated at $2.40 per unit at the normal volume of 114,800 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 Construct the master budget for the period. (Do not round intermediate calculations.) GIBSON CORPORATION Master Budget Sales volume units Sales revenue Variable costs: S 0 Manufacturing Marketing and administrative Contribution margin Fixed costs: Manufacturing Marketing and administrative Operating profit S 0 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 Sales Price Variance Flexible Budget Sales Activity Variance Master Budget S 940,800 Sales revenue Variable costs: Manufacturing Marketing and administrative Contribution margin Fixed costs Manufacturing Marketing and administrative Operating profit 206.976 84,672 649,152 S 261.520 149,840 237,792