Perez Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Labor cost Materials cost Overhead cost $ 36.50 8.70 4.10 5.80 6.90 $132,000 50,000 Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative Perez planned to make and sell 22,000 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 21,000 and 23,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 23,000 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 Variable manufacturing costs Fixed costs Master Budget 22,000 Flexible Budgets Volume Variances 21,000 23,000 0 $ 0 $ 0 $ 0