Exercise 8-1A (Algo) Preparing master and flexible budgets LO 8-1 Franklin Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost. Fixed manufacturing cost Fixed selling and administrative cost $ 8.10 per unit $ 3.30 per unit $3,000 total $ 500 total Franklin planned to produce and sell 2,300 units. Actual production and sales amounted to 2,500 units. Required a. Prepare the pro forma income statement in contribution format that would appear in a master budget. b. Prepare the pro forma income statement in contribution format that would appear in a flexible budget.