Happy Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 50.000 bubbles during March an operating income was as follows: (Click the icon to view the actual income statement.) The company's flexible budget income statement for March follows: (Click the icon to view the flexible budget Income statement.) Read the requirements Requirement 1. Prepare the income statement performance report. Note: The master budget was based on expected sales volume of 45 000 bubble accounts with a balance, make sure to enter in the appropriate column Label each variance as favorable (F) or unfavorable (U) A variance of considered favorable.) Happy Bubbles, Inc. Income Statement Performance Report For the month ended March 31 Actual Flexible Budget Variance Flexible Budget Volume Variance Master Budget Output units Sales revenue Variable expenses Cost of goods sold Sales commissions expense Utility expense Fixed expenses Salary expense Depreciation expense Rent expense Utility expense Total expenses Operating income the s and then click Check Answer apoy Bubbles. Inc, produces multicolored bubble solution used for weddings and other events. The company sold 50.000 bubbles during Merchandise 0 Data Table Data Table Red Red 160,000 62.900 8,500 10.000 Happy Bubbles, Inc. Income Statement Month Ended March 31 Sales revenue.. Variable expenses Cost of goods sold Sales commissions Utility expense Fixed expenses Salary expense Depreciation expense Rent expense Utility expense Total expenses Operating income 305 $ Happy Bubbles, Inc. Flexible Budget Income Statement Month Ended March 31 Flexible Budget per Output Unit Output Units (Kits) 45.000 50.000 55,000 Sales revenue $ 137.250 S 152.500 5 167.750 Variable expenses Cost of goods sold 56.250 62.500 68.750 Sales commissions 7.500 8.250 Utility expense 0.20 9.000 10,000 11,000 Fixed expenses Salary expense 30,000 30.000 33.000 Depreciation expense 20,000 20.000 23,000 Rent expense 10.000 10.000 15,000 4.000 4.000 4,000 Uity expense $ 136,000 5 144,000 5 163.000 Total expenses $ 1.250 3 8.500 5 4.750 Operating income 125 32,200 20,000 9.550 6.750 147 150 12 050 Done Print Done