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Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of operations Prepare a flexible budget for each of the following two output levels: a. 3.750 units. b. 4.150 units. Complete this question by entering your answers in the tabs below. What was the master budget variance for July? Was this variance favorable or unfavorable? (Indicate the effoct of aach variance by selecting "F" for Favorable, "U* for unfavorable, and "None" for no effect (i.e, zero variance).) Compute the July sales volume variance and the flexible-budget variance for the month, both in and in terms of operating income. (Indicate the effect of each variance by selecting "f for Favo "None" for no effect (i.e., zero variance).) Prepare pro-forma budgets for activities within its relevant range of operations. prepare a flexible budget for each of the following two output levels: a. 3,750 units. b. 4,150 units