Complete a master budget performance report A hypothetical partial master budget performance report for New England Fudge Company has been provided on the ENTERANSWERS tab. Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. Requirement Fill in the missing amounts in the table. Be sure to indicate whether variances are favorable (F) or unfavorable (U). Use the ABS function when calculating variances, and use the drop-down selections for F or U when describing the variances. For variances that result in a zero amount, make sure to leave the result (it may show as a "0" or "-") in the appropriate cell and indicate that these variances are favorable (F). a. b. Saving & Submitting Solution 1 Save file to desktop. Create folder on desktop, and label COMPLETED EXCEL PROJECTS Save your solution in the folder you just created; add -solution-date to end of file name 2 Upload and submit your file to be graded. Navigate back to the activity window - screen where you downloaded the initial spreadsheet Click Choose button under step 3; locate the file you just saved and click Open Click Upload button under step 3 Click Submit button under step 4 o od Viewing Results 1 Click on Results tab in MyAccounting Lab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Card 4 Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback (Use the ABS function when calculating variances, and use the drop-down selections for F or U when describing the variances. Mark any 0 variances as "F".) (Always use cell references and formulas where appropriate to receive full credit.) New England Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For the Year Ended December 31 Actual Flexible Budget Variance Flexible Budget 13,200 Volume Variance F/U Master Budget 12,000 Sales volume (number of cases sold) 13,200 $ 338,200 $ 343,200 $ 312,000 $ $ $ Sales revenue ($26 per case) Less variable expenses: Sales expense ($2 per case sold) Shipping expense ($5 per case sold) Contribution margin Less fixed expenses: Salaries Office rent Operating income 24,500 65,500 248,200 26,400 66,000 250,800 24,000 60,000 228,000 10,800 12,200 3,500 232,500 3,500 10,800 3,500 $ 213,700 $ $ 236,500