Exercise 8-1A (Algo) Preparing master and flexible budgets LO 8-1 Munoz 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 $ 3.70 per unit $2,700 total $ 700 total Munoz planned to produce and sell 2,900 units. Actual production and sales amounted to 3,200 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.