Mustang Manufacturing Company established the following standard price and cost data:

Mustang planned to produce and sell $20,000$ units. Actual production and sales amounted to $21,500$ units.

Required

a$.$ How much is net income in the static budget?

b$.$ How much is net income in the flexible budget?

Complete this question by entering your answers in the tabs below.

Required A

How much is net income in the static budget?

Fixed manufacturing cost

Fixed selling and administrative cost

Sales

Variable manufacturing cost