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 revenue 140,000 units $784,000 Sales volume Variable costs Manufacturing Marketing and administrative Contribution margin Fixed costs Manufacturing Marketing and administrative Operating profit 172,480 70,560 $540,960 232,600 118,500 $189,860 The company planned to produce and sell 121,800 units for $5.00 each. At that volume, the contribution margin would have been $426,300. 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 121,800 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. Complete this question by entering your answers in the tabs below. Required A Required B Construct the master budget for the period. (Do not round intermediate calculations.) GIBSON CORPORATION Sales volume Sales revenue Variable costs: Manufacturing Master Budget units Marketing and administrative Contribution margin Fixed costs: Manufacturing Marketing and administrative Operating profit 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 option.) Sales revenue Actual Manufacturing Variances $ 784,000 Variable costs: Manufacturing 172,480 Marketing and administrative 70,560 Contribution margin $ 540,960 Fixed costs: Manufacturing 232,600 Marketing and administrative 118,500 Operating profit $ 189,860 GIBSON CORPORATION Profit Variance Analysis Marketing and Administrative Variances Flexible Sales Price Variance Sales Activity Variance Master Budget Budget