Required: a. Construct the master budget for the period. (Do not round intermediate calculations.) GIBSON CORPORATION Master Budget Sales volume Sales revenue Variable costs: units Manufacturing Marketing and administrative Fixed costs: Manufacturing Marketing and administrative Operating profit b. Prepare a profit variance analysis. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) GIBSON CORPORATION Profit Variance Analysis Marketing and Administrative Variances Master Budget Actual Manufacturing Sales Price Variance Flexible Budget Sales Activity Variance (150,000 Units)Variances Sales revenue S 840,000 Variable costs Marketing and administrative Contribution margin Fixed costs 184,800 75,600 S 579,600 Manufacturing Marketing and administrative 250,000 122,750 S 206,850 Operating profit Required: a. Construct the master budget for the period. (Do not round intermediate calculations.) GIBSON CORPORATION Master Budget Sales volume Sales revenue Variable costs: units Manufacturing Marketing and administrative Fixed costs: Manufacturing Marketing and administrative Operating profit b. Prepare a profit variance analysis. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) GIBSON CORPORATION Profit Variance Analysis Marketing and Administrative Variances Master Budget Actual Manufacturing Sales Price Variance Flexible Budget Sales Activity Variance (150,000 Units)Variances Sales revenue S 840,000 Variable costs Marketing and administrative Contribution margin Fixed costs 184,800 75,600 S 579,600 Manufacturing Marketing and administrative 250,000 122,750 S 206,850 Operating profit