Master Actual Budget Units 3,888 4,800 Sales revenue $ 54,800 $ 60, eee Variable manufacturing costs 20,600 16,000 Fixed manufacturing costs 13,8ee 13,500 Variable selling and administrative expenses 9,3ee 8,000 Fixed selling and administrative expenses 10,700 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 4 What was the master budget variance for July? Was this variance favorable or unfavorable? (Indicate the effect of each variance by selecting "F" for Favorable, "U" for Unfavorable, and "None" for no effect (.e. zero variance).) Master budget variance Required 1 Required 2 Required 4 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. (Indicate the effect of each variance by selecting "F" for Favorable, "U" for Unfavorable, and "None" for no effect (.e., zero variance).) Flexible-Budget Sales Volume Variance Variance Contribution margin Operating income