The following information is available for Brownstone Products Company for the month of July: Actual Master Budget Units 3,800 4,000 Sales revenue $ 54,800 $ 60,000 Variable manufacturing costs 20,600 16,000 Fixed manufacturing costs 13,800 13,500 Variable selling and administrative expenses 9,300 8,000 Fixed selling and administrative expenses 10,700 10,300 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels: a. 3,910 units. b. 4,310 units.