Stuart Publications established the following standard price and costs for a hardcover picture book that the company produces Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs $ 36.30 8.90 3.90 6.10 7.00 Planned fixed costs Manufacturing overhead Selling, general, and administrative $130,000 46,000 Stuart planned to make and sell 20,000 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 19,000 and 21,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 21,000 units. Indicate whether the variances are favorable (F) or unfavorable (U) (Select "None" if there is no effect (i.e., zero variance).) Master Budget 20,000 Flexible Budgets 19,000 Volume Variances Number of units 21,000 Variable manufacturing costs Fixed costs Solomon Publications established the following standard price and costs for a hardcover picture book that the company produces Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs $ 36.80 8.50 3.60 5.70 6.50 Planned fixed costs Manufacturing overhead Selling, general, and administrative $134,000 45,000 Assume that Solomon actually produced and sold 24,000 books. The actual sales price and costs incurred follow Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs $ 35.80 8.70 3.50 5.75 6.30 Actual fixed costs Manufacturing overhead Selling, general, and administrative $119,000 51,000 Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general,and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income