Vernon Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs sale price Materials cost Labor cost Overhead cost Selling general, and administrative conta Planned fixed costs Manufacturing overhead Selling general, and administrative $36.70 8.40 3.70 5.60 6.50 5128,000 $2,000 Vernon planned to make and sell 25,000 copies of the book Required: a. d. Prepare the proforma Income statement that would appear in the master budget and also flexible budget Income statements, assuming production volumes of 24,000 and 26.000 units. Determine the sales and variable cost volume variances, assuming volume is actually 26,000 units indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effectie zero variance)) Master Budget 25.000 Flexible Budgets 24.000 20.000 Volume Variances Number of units Variable manufacturing costs 0 0