The following information is available for Brownstone Products Company for the month of July: Master Budget Actual 3,800 Units 4,000 Sales revenue $ 60,600 $ 60,000 Variable manufacturing costs 21,000 16,000 Fixed manufacturing costs 14,000 13,900 Variable selling and administrative expenses 9,700 8,000 Fixed selling and administrative expenses 11,100 10,500 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. 3,950 units. b. 4,350 units. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 4 What was the master budget variance for July? Was this variance favorable or unfavorable? (Indicate the effect of each variance by selecting "F" for Favorable, "U" for Unfavorable, and "None" for no effect (i.e., zero variance).) Master budget variance