Chocolate Muffins sells its muffins to restaurants and coffee houses for an average selling price of $32 per case. The following information relates to the budget for Chocolate Muffins for this year (all figures are annual totals unless otherwise noted): 3 (Click the icon to view the budget information.) During the year, Chocolate Muffins actually sold 8,400 cases, resulting in total sales revenue of $276,800. Actual expenses (in total) from this year are as follows: (Click the icon to view the actual expenses.) Requirement Construct a flexible budget performance report for Chocolate Muffins for the year. Be sure to indicate whether each variance is favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) Chocolate Muffins Flexible Budget Performance Report - Sales and Operating Expenses For the Year Ended December 31 Flexible Master Actual Budget Flexible Budget 8,400 cases Volume Budget le 8,400 cases Variance Variance 8,200 cases Sales revenue 276800 ($32 per case) Data Table Data Table Budgeted sales in cases ......... Packaging cost per case ........ Shipping expense per case ...... Sales commission expense...... Salaries expense. ... 8,200 cases $ 2 $ 4 A Packaging cost........................... $ Shipping expense Sales commission expense Salaries expense ........ Office rent. A A 17,300 34,600 8,304 8,000 3,400 2,500 2,100 1,000 A Office rent. .... V III I I I . . . . . . . . . . . . . . Depreciation.................. 3% of sales price $ 6,500 $ 3,400 $ 2,500 2,400 600 A Depreciation.................. Insurance expense. .......... A Insurance expense ............ A Office supplies expense........... A Office supplies expense A Sales revenue ($33 per case) Variable operating expenses: Packaging expense ($3 per case sold) Shipping expense ($5 per case sold) Sales commissions (4% of sales price) Fixed operating expenses: Salaries Office rent Depreciation Depreciation Insurance expense Office supplies expense Total operating expenses