Gibson Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $ 36.30 8.50 4.00 5.50 6.40 $127,000 44,000 Gibson planned to make and sell 28,000 copies of the book. Required: a.-d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 27,000 and 29,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 29,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Master Budget Volume Variances Flexible Budgets 27,000 29,000 Number of units 28,000 Variable manufacturing costs 0 0 0 Fixed costs nl n ni