1. Iota Tools

Item	Value
Sales price per unit	$40.00
Variable cost per unit	$20.00
Fixed manufacturing cost	$7,000 total
Fixed selling and administrative cost	$2,500 total

1. Iota Tools planned to produce and sell 2,000 units. Actual production and sales amounted to 2,100 units. Required:
   1. Prepare a traditional income statement for the master budget.
   2. Prepare a flexible budget income statement.