Chocolate Muffins sells its muffins to restaurants and coffee houses for an average selling price of $28 per case. The following information relates to the budget for Chocolate Muffins for this year (all figures are annual totals unless otherwise noted): Click the icon to view the budget information.) During the year, Chocolate Muffins actually sold 7,500 cases, resulting in total sales revenue of $218,000. Actual expenses (in total) from this year are as follows: E (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.) - X - Data table - X Data table Chocolate Muffins Flexible Budget Performance Report - Sales and Operating Expenses For the Year Ended December 31 Flexible Flexible Actual Budget Budget Volume 7,500 cases Variance 7,500 cases Variance Master Budget 7,400 cases 7,400 cases 1 Budgeted sales in cases Packaging cost per case ...... $ Shipping expense per case .... $ Sales commission expense.... Sales revenue 5 4% of sales price 6,900 Salaries expense ... $ Packaging cost $ 8,800 Shipping expense $ 39,100 Sales commission expense .....$ 8,720 Salaries expense $ 8,500 Office rent $ 3,900 Depreciation $ 2,900 Insurance expense $ 1,900 Office supplies expense ........ $ 800 ($28 per case) ) Variable operating expenses: Packaging expense ($1 per case sold) Shipping expense ($5 per case sold) Sales commissions (4% of sales price) Fixed operating expenses: Salaries Office rent Depreciation Insurance expense Office Supplies expense Office rent $ Depreciation $ Insurance expense $ Office supplies expense ....... $ 3,900 2,900 2,500 700 Print Done Print Done 1 Total operating expenses