4. Problem 16-51 (Algo) Solve for Master Budget Given Actual Results (LO 16-2, 4) 25 oints A new accounting intem at Gibson Corporation lost the only copy of this periods master budget. The CFO wants to evaluate performance for this period but needs the master budget to do so. Actual results for the period follow. Book Sales volume Sales revenue Variable costs Manufacturing Marketing and administrative Contribution margin Fixed costs Manufacturing Marketing and administrative Operating profit 150,000 units $340,000 184,800 75,600 3579,600 Port o Surence 238,000 120,300 $221,300 The company planned to produce and sell 126,000 units for $500 each. At that volume, the contribution margin would have been $441000 Variable marketing and administrative costs are budgeted at 10 percent of sales revenue Manufacturing fixed costs are estimated at $200 per unit at the normal volume of 126,000 units Management notes. "We budget an operating profit of $100 per unit at the normal volume" Required: a. Construct the moster budget for the period b. Prepare a profit variance analysis Required: a. Construct the master budget for the period b. Prepare a profit variance analysis Complete this question by entering your answers in the tabs below. Required Required Prepare a profit variances (Do not round vermediate calculations. Indicate the effect of each variance by selecting for vorable, or for unfavorable. If there is no effect, do GIBSON CORPORATION Prat Variance Analysis Actual Manufacturing an AdministrativeVariances Marketing and Sales Price Vrance Flexible Budget Siles Activity Vartance Master det MODO 114 100 25 500 5 andang Mange 234.000 120200 721100 $