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 period's master budget. The CFO wants to evaluate performance for this period but needs the master budget to do so. Actual results for the period follow 150,000 units $1,000,000 Sales volume Sales revenue Variable costs Manufacturing Marketing and administrative Contribution margin Fixed costs Manufacturing Marketing and administrative Operating profit 221,760 90,720 5695,520 295,600 161,200 $ 238,720 The company planned to produce and sell 129,000 units for $6.00 each At that volume, the contribution margin would have been $541,800. Variable marketing and administrative costs are budgeted at 10 percent of sales revenue. Manufacturing fixed costs are estimated at $2.40 per unit at the normal volume of 129.000 units. Management notes, "We budget an operating profit of $100 pe unit at the normal volume." Required: a. Construct the master budget for the period b. Prepare a profit variance analysis