Narcisco 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 Manufacturing overhead Selling, general, and administrative $90.00 18.00 9.00 12.60 14.40 $270,000 108,000 Narcisco planned to make and sell 30,000 copies of the book Required 0.-d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget Income statements, assuming production volumes of 29,000 and 31,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 31000 units Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e.. zero variance).) Volume Variances Number of units Master Budget 30,000 $ 27.000.000 Flexible Budgets 29 000 31 000 3 26100.000 27 900.000 Sales revenue $ 90,000/F Variable manufacturing costs Materials Labor Manufacturing Overhead Variable selling general, and administrative conts Contribution margin Fixed costs Manufacturing Overhead Fleed seling, general and administrative costs 18 5,400,000 9 2.700.000 13 3.780,000 14 4.320,000 26.999,946 9,900,000 5220,000 2610,000 3.650.400 4 170.000 12,249,600 18,000 9.000 12,600 14,400 36.000 None O None $ 36,000F Net Income $26.999 946 $ 9.900.000 12,249 600