Exercise 15-2 Preparing master and flexible budgets LO 15-2 Fanning Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $ 8.70 per unit $ 3.2e per unit $2,800 total $ 600 total Fanning planned to produce and sell 2,300 units. Actual production and sales amounted to 2,500 units. 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the pro forma income statement in contribution format that would appear in a master budget. FANNING MANUFACTURING COMPANY Pro Forma Income Statement Master Budget 2,300 Units $ 0 Required A Required B > Required A Required B Prepare the pro forma income statement in contribution format that would appear in a flexible budget. FANNING MANUFACTURING COMPANY Pro Forma Income Statement Flexible Budget 2,500 Units $ 0