"Ponca Food Corporation developed the following standard price and costs for a refrigerated TV dinner that the company produces:Standard price and variable costs per unit Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead cost Selling, general, and administrative costs $ 5.401.600.600.120.32LO 8-1, 8-3$160,00096,000" "Ponca plans to make and sell 400,000 TV dinners .Requireda. Prepare the pro forma income statement that would appear in the master budget.b. Prepare flexible budget income statements, assuming production and sales volumes of 360,000 and 440,000 units.c. Determine the sales and variable cost volume variances, assuming volume is actually LO 8-4380,000 units.d. Indicate whether the variances are favorable (F) or unfavorable (U).e. Comment on how Ponca could use the variances to evaluate performance"