Rooney Publications established the following standard price and costs for a hardcover picture book that the company produces Standard price and variable costs Sales price Katerials cost Labor cost Overhead cost selling, general, and administrative costs 37.00 8.10 3.70 6.20 6.90 Planned fixed costs Kanufacturing overhead Selling, general, and administrative 134,000 3,000 Rooney planned to make and sell 30,000 coples of the book. Required 0.-d. Prepare the pro forma Income statement that would appear in the master budget and also flexible budget income statements. assuming production volumes of 29,000 and 31,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 31,000 units. Indicate whether the variances are favorable (F) or unfavorable (U) (Select "None" if there is no effect (i.e. zero variance).) Rooney planned to make and sell 30,000 copies of the book. Required: a. d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 29,000 and 31,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 31,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" If there is no effect (l.e, zero variance).) Answer is not complete Master Flexible Budgets Volume Variances Number of units Sales revonuo Variable manufacturing costs 30,000 29,000 31,000 s 1,110,000 1,073,0001,147 000 Materials Labor Manufacturing overhead Variable selling general, and administrative costs Contribution margin Fixed costs 1,110,000 1,073,000 1,147,000 Manufacturing overhead Foxed selling. general, and administrative costs !Nono None Net income s 1,110,000 1.073,000 1.147.000