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Problem 15-20 Determining sales and variable cost volume variances LO 15-2,15-3,15-4 Fanning 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 36.10 9.00 4.20 5.40 7.00 Planned fixed costs Manufacturing overhead Selling, general, and administrative $129,000 46,000 Fanning planned to make and sell 29,000 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 28,000 and 30,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 30,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Master BudgetFlexible Budgets Volume Variances Number of units Sales revenue Variable manufacturing costs 29,000 28,000 30,000 Materials Labor Variable selling general, and administrative costs Contribution margin Fixed costs 0 0 Manufacturing overhead Fixed selling, general, and administrative costs Net income