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Exercise 8-1A Preparing master and flexible budgets LO 8-1 Cherokee Manufacturing Company established the following standard price and cost data: ts Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $12.00 per unit $ 7.20 per unit $3,600 total $1,200 total eBook Cherokee planned to produce and sell 2,000 units Actual production and sales amounted to 2.200 units Hint Required a. Prepare the pro forma income statement in contribution format that would appear in a master budget b. Prepare the pro forma income statement in contribution format that would appear in a flexible budget Ask