Question 4) Part 1) The following information is available for Ace Products Company for the month of July: Actual Master Budget Units 3,800 4,000 Sales Revenue 53,200 60,000 Variable Manufacturing Costs 19,000 16,000 Fixed Manufacturing costs 16,000 15,000 Variable Selling and Administrative expenses 7,700 8,000 Fixed Selling and Administrative expenses 10,000 9,000 Required: 1) What was the total operating income variance for July, rounded to the nearest whole dollar? 2) What is the sales volume variance and the flexible-budget variance for the month, in terms of contribution margin and operating income. Part 2) What is the difference between a master budget and flex budgets?