Exercise 8-1A (Algo) Preparing master and flexible budgets LO 8-1 Fanning Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $8.50 per unit $ 3.40 per unit $ 2,600 total $ 900 total Fanning planned to produce and sell 2,800 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. 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 2,600 Units 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 3,100 Units Required A Required B> 10:57 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 3,100 Units Fixed manufacturing Fixed selling and administrative Sales Variable manufacturing Variable selling and administrative