Master Actual Budget Units 3,880 4,000 Sales revenue $ 54,8ee $ 60,000 Variable manufacturing costs 20,600 16,000 Fixed manufacturing costs 13,800 13, see Variable selling and administrative expenses 9,300 8,000 Fixed selling and administrative expenses 19,700 10,300 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels a 3,910 units b.4,310 units Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels: a. 3,910 units b. 4,310 units Show less Flexible budget Flexible budget (a.) (b.) Master Budget 4,000 $ 60,000 Units Sales Variable costs Manufacturing Selling and administrative Total variable costs Contribution margin Fixed costs: Manufacturing Selling and administrative Total fixed costs Operating income 16,000 8,000 24,000 36,000 $ $ 13,500 10,300 23,800 12,200 $ $