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 cast Overhead cost Selling general, and administrative costs Planned fixed costs Manufacturing overhead Selline, general, and administrative $36.5e 8.80 3.70 5.30 6.20 $ 131,000 45,000 Stuart planned to make and sell 28,000 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 27000 and 29,000 units Determine the sales and variable cost volume vanances, assuming volume is actually 29,000 units. Indicate whether the variances are favorable (F) or unfavorable (U) (Select "None" if there is no effect (le, zero variance).) Molume Variances Master Budget 28 000 Flexible Budget 27.000 29,000 Number of units Sales revenue Variable manufacturing costs Materials Labor 0 0 Contribution margin Fixed costs Manufacturing overhead Fixed seling, general, and administrative costs Net income 131.000 45,000 176 000S S OS