Units The following information is available for Brownstone Products Company for the month of July: Master Budget 4,000 Actual 3,800 $ 60,600 $ 60,000 21,000 16,000 14,000 13,900 9,700 11,100 8,000 10,500 Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses 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 Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of and in terms of operating income. (Indicate the effect of each variance by selecting "F" for Favorable, "U" "None" for no effect (i.e., zero variance).) Contribution margin Operating income Flexible-Budget Variance Sales Volume Variance < Required 1 Required 4 >