Problem 16-51 (Algo) Solve for Master Budget Given Actual Results (LO 16-2, 4) A new accounting intern at Gibson Corporation lost the only copy of this petiod's master budgot. The CFO wants to evaluate performance for this period but needs the master budget to do so. Actual results for the period follow The company planned to produce and sell 104,000 units for 55.00 ench. At that volume, the contribution margin would have been \$364,000. Variable marketing and administrative costs are budgeted of 10 percent of sales revenue. Manufacturing fuxed costs are estimated at $2.00 per unit of the normal volume of 104.000 units. Managementhotes, "We budget an operating profit of $1.00 per unit at the normal volume." Required: a. Construct the master budget for the period b. Prepare a profit variance analysis Complete this question by entering your answers in the tabs below. Required: a. Construct the master buthet for the poriod b. Prepare a profit variance analysis. Complete this question by entering your answers in the tabs below. Problem 16-51 (Algo) Solve for Master Budget Given Actual Results (LO 16-2, 4) A new accounting intern at Gibson Corporation lost the only copy of this petiod's master budgot. The CFO wants to evaluate performance for this period but needs the master budget to do so. Actual results for the period follow The company planned to produce and sell 104,000 units for 55.00 ench. At that volume, the contribution margin would have been \$364,000. Variable marketing and administrative costs are budgeted of 10 percent of sales revenue. Manufacturing fuxed costs are estimated at $2.00 per unit of the normal volume of 104.000 units. Managementhotes, "We budget an operating profit of $1.00 per unit at the normal volume." Required: a. Construct the master budget for the period b. Prepare a profit variance analysis Complete this question by entering your answers in the tabs below. Required: a. Construct the master buthet for the poriod b. Prepare a profit variance analysis. Complete this question by entering your answers in the tabs below