8. b. What is the master budget variance for Lease Exp? $ ?What does it mean? (2) %,UorF Using management by exception, along with the investigation rule shown with the budget as- sumptions, which variances would you investigate? List them. (1) DIRECTIONS for Flexible Budget Performance Report; 1. Copy and Paste all of the line items (account names) from the master budget into the Flexible Budget Performance report. Copy and Paste all of the actual figures from the master budget to the actual column of the Flexible Budget Performance report. Formulate the Master Budget figures by referencing (e.g.,=+G7) the appropriate cells in the first performance report. By doing so, if any assumptions change, they will ripple through BOTH performance reports. Build the Flexible Budget by using the ACTUAL SALES VOLUME achieved along with the original budget assumptions. This is very similar to building a master budget, except you are using actual sales volume. Assume the actual sales volume achieved is in the same relevant range as the original budget assumptions. Try using the \"accounting\" or \"currency\" settings to get dollar signs, commas, and brackets on negative numbers. Add underlines and double un- derlines as needed. Head the appropriate column for the Volume Variance and then use Excel formulas to populate the cells in that column (e.g., +H33-J33). Once you get the first cell done, copy and paste the formula to the other cells. Head the appropriate column for the Flexible Budget Variance and then use Excel formulas to populate the cells in that column (e.g. +F33-H33). Again, copy and paste the formulas to the other cells