Exercise 15-2A (Algo) Preparing master and flexible budgets LO 152 Fanning Manufacturing Company established the following standard price and cost data. Fanning planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 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. Prepare the pro forma income statement in contribution format that would appear in a master budget. Exercise 15-2A (Algo) Preparing master and flexible budgets LO 15-2 Fanning Manufacturing Company established the following standard price and cost data. Fanning planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 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. Prepare the pro forma income statement in contribution format that would appear in a flexible budget. Exercise 15-5A (Algo) Determining amount and type (favorable vs. unfavorable) of variance LO 15-3 Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): (Select "None" if there is no effect (i.e., zero variance).)