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. 130,000 units $873,600 Sales volume Sales revenue Variable costs Manufacturing Marketing and administrative Contribution margin Fixed costs Manufacturing Marketing and administrative Operating profit 192, 192 78,624 $ 602,784 244,960 143,720 $ 214,104 The company planned to produce and sell 107,900 units for $6.00 each. At that volume, the contribution margin would have been $453,180. 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 107,900 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 Master Budget Sales volume units Sales revenue Variable costs: Manufacturing Marketing and administrative Contribution margin Fixed costs: S 0 Manufacturing Marketing and administrative Operating profit S 0 b. Prepare a profit variance analysis. Answer is not complete. Complete this question by entering your answers in the tabs below. 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.) GIBSON CORPORATION Profit Variance Analysis Marketing and Administrative Sales Price Variance Variances Actual Manufacturing Variances Flexible Budget Sales Activity Variance Master Budget S 873,600 F F 192,192 U U U Sales revenue Variable costs: Manufacturing Marketing and administrative Contribution margin Fixed costs: Manufacturing Marketing and administrative Operating profit 78,624 $ 602,784 DOO U U F F F 244,960 143,720 $ 214,104 U O U