Exercise 8-1A Preparing master and flexible budgets Cherokee Manufacturing Company established the following standard price and cost data: Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $1200 per unit $7.20 per unit $3,600 total $1,200 total herokee planned to produce and sell 2,000 units. Actual production and sales amounted to 2.200 units. Required Prepare the pro forma income statement in contribution format that would appear in a mas ter budget. b. Prepare the pro forma income statement in contribution format that would appear in a flexi- ble budget