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A new accounting intern at Gibson Corporation lost the only copyof this period's master budget. The CFO wants to evaluateperformance for this period but needs the master budget to do so.Actual results for the period follow: Sales volume240,000units Sales revenue$1,612,800 Variable costs Manufacturing354,816 Marketing andadministrative145,152 Contribution margin$1,112,832 Fixed costs Manufacturing469,600 Marketing andadministrative276,800 Operating profit$366,432 The company planned to produce and sell 204,000 units for $6.00each. At that volume, the contribution margin would have been$856,800. Variable marketing and administrative costs are budgetedat 10 percent of sales revenue. Manufacturing fixed costs areestimated at $2.40 per unit at the normal volume of 204,000 units.Management notes, "We budget an operating profit of $1.00 per unitat the normal volume." Required:(a)Construct the master budget for the period. (Do notround your intermediate calculations.Round your answers to thenearest dollar amount.)(b)Prepare a profit variance analysis like the one in Exhibit16.5.(Indicate the effect of each variance by selecting "F"for favorable, "U" for unfavorable, and "None" for no effect (i.e.,zero variance).Do not round your intermediatecalculations. Round your answers to the nearestdollar amount.)