As part of its comprehensive planning and control system, Mopar Company uses a master budget and subsequent variance analysis. You are given the following information that pertains to the company$$s only product, XL$-10,$ for the month of December.

Required:

$1.$ Complete the missing parts of the following profit report for December.

$2.$ Based on your completed profit report, determine the dollar amount, and label $($Favorable or Unfavorable$)$ each of the following variances for December:

a$.$ Total master budget variance.

b$.$ Total flexible budget variance.

c$.$ Sales volume variance, in terms of operating income.

d$.$ Sales volume variance, in terms of contribution margin.

e$.$ Selling price variance.