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The Great Balloon Company produces party balloons that are sold in multi-pack cases. To follow is the company's performance report in contribution nargin format for August: (Click the icon to view the performance report in contribution margin format.) Data table able (F) or unfavorable (U) Manacement Requirements 4 and 5. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) Management would like to determine the portion of the master budget variance that is (a) due to volume being different than originally anticipated, and (b) due to some other unexpected cause. Prepare a flexible budget performance report to address these questions, using the actual sales volume of 63,500 units and the budgeted sales volume of 57,000 units. Use the original budget assumptions for sales price, variable cost per unit, and fixed costs, assuming the relevant range stretches from 52,000 to 73,500 units. Begin by completing the actual and master budget columns of the performance report and then the master budget variances. Then compute the flexible budget column and the remaining variance columns. (Round all amounts to the nearest whole dollar. 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.) The Great Balloon Company \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & Actual & \begin{tabular}{l} Flexible \\ Budget \\ Variance \end{tabular} & & \begin{tabular}{l} Flexible \\ Budget \end{tabular} & \begin{tabular}{c} Volume \\ Variance \end{tabular} & \begin{tabular}{l} Master \\ Budget \end{tabular} & \begin{tabular}{l} Master \\ Budget \\ Variance \end{tabular} \\ \hline Sales volume & 63,500 & 0 & F & 63,500 & & 57,000 & \\ \hline Sales revenue & 187,300 & & & 184150 & & 165,300 & \\ \hline Less: Variable expenses & 76,900 & & & 76200 & & 68.400 & \\ \hline Contribution margin & 110,400 & & & & & 96,900 & \\ \hline Less: Fixed expenses & 64,300 & & & & & 63,000 & \\ \hline Operating income & 46,100 & & & & & 33,900 & \\ \hline \end{tabular}