Flexible Budget Performance Report: Sales and Operating Expenses For the Year Ended December 31 Flexible Budget Flexible Variance Budget Volume Variance Actual 12,800 Master Budget 11,900 Sales volume (number of cases sold) 12,800 364,700 $ 371,200 $ 345.100 Sales revenue ($29 per case) Less variable expenses: Sales expense ($5 per case sold) Shipping expense ($1 per case sold) Contribution margin $ 64,000 61,100 10,000 12,800 59,500 11,900 273,700 293,600 294,400 Less fixed expenses Salaries 10,800 10,800 11,800 1,500 Office rent 1,500 282,100 1,500 261,400 Operating income $ 280,300 $ The following table contains a hypothetical partial master budget performance report for European Fudge Company (Click the icon to view the partial master budget performance report.) Fill in the missing amounts. Be sure to indicate whether variances are 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.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Flexible Budget Variance Flexible Budget Actual Volume Variance Master Budget Sales volume (number of cases sold) 12,800 12,800 11,900 $ 364,700 [ $ 371,200 Is 345,100 Sales revenue ($29 per case) Less variable expenses: Sales expense ($5 per case sold) Shipping expense (91 per case sold) Contribution margin $ 64,000 $ 61,100 10,000 293,600 12,800 59,500 11,900 273,700 294,400