Rooney Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Ces Sales price Materials cost Labor cost Overhead cost Planned fixed costs Selling, general, and administrative costs Manufacturing overhead Selling, general, and administrative $ 36.30 8.70 4.00 6.20 7.00 $134,000 48,000 Rooney planned to make and sell 21,000 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 20,000 and 22,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 22,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Number of units Sales revenue Variable manufacturing costs Materials Master Budget 21,000 Flexible Budgets 20,000 Volume Variances 22,000 $ 182,700 Labor Manufacturing overhead Variable selling general, and administrative costs Contribution margin i 182,700 Fixed costs Manufacturing overhead Fixed selling, general, and administrative costs Net income $ 182,700 $ 0 $ 0