Munoz 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 Book Print ferences Manufacturing overhead Selling, general, and administrative $ 36.30 5.30 4.40 5.70 6.40 $135,000 52,000 Munoz planned to make and sell 23,000 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 22,000 and 24,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 24,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e.. zero variance).) Number of units Sales revenue Variable manufacturing costs Fixed costs Master Budget 23,000 $ Flexible Budgets Volume Variances 22,000 24.000 834,900 $ 798,600 $ 871,200 834,900 798,600 871,200 $ 834,900 $798,600 $ 871.200