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. Sales volume Sales revenue Variable costs Manufacturing Marketing and administrative Contribution margin Fixed costs Manufacturing Marketing and administrative Operating profit 140,000 units $784,000 172,480 70,560 $540,960 216,600 114,500 $209,860 The company planned to produce and sell 114,800 units for $5.00 each. At that volume, the contribution margin would have been $401,800. Variable marketing and administrative costs are budgeted at 10 percent of sales revenue. Manufacturing fixed costs are estimated at $2.00 per unit at the normal volume of 114,800 units. Management notes, "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.