INSTANT COMPUTING Budgeted Contribution Income Statement For Month of October Sales (2,000 x $400) . . . $800,000 Less variable costs Variable cost of goods sold Direct materials (2,000 x $60) . . . . $120,000 Direct labor (2,000 x $40) . . . . . . . . . . 80,000 Manufacturing overhead (2,000 x $20) . . . 40,000 $240,000 Selling and Distribution (2,000 x $45). . 90,000 (330,000) Contribution margin . . . . . . . 470,000 Less fixed costs Manufacturing overhead . 160,000 Administrative . . . . . . 125,000 Selling and Distribution . 75,000 (360,000) Net income . . . $1 10,000 INSTANT COMPUTING Actual Contribution Income Statement For Month of October Sales (2,250 x $385) . . . $866,250 Less variable costs Cost of goods sold Direct materials . .. $139,500 Direct labor 85,500 Manufacturing overhead 43,875 $268,875 Selling and Distribution. 105,750 (374,625) Contribution margin . . 491,625 Less fixed costs Manufacturing overhead . . . . 168,000 Administrative . . 135,000 Selling and Distribution . 74,600 (377,600) Net income (loss) . . . .. $114,025 Required a. Prepare a performance report for Production that compares actual and allowed costs. b. Prepare a performance report for Selling and Distribution that compares actual and allowed costs. c. Determine the sales price and the net sales volume variances. d. Prepare a report that summarizes the performance of Selling and Distribution. e. Determine the amount by which Administration was over or under budget. f. Prepare a report reconciling budgeted and actual net income. Your report should focus on the performance of each responsibility center