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P10-44A Prepare and interpret a performance report (Learning Objective 2) Refer to the Outrageous Bubbles data in P10-43A. The company sold 60,000 bubble kits during March, and its actual operating income was as follows:OUTRAGEOUS BUBBLES, INC. Income Statement Month Ended March 31 Sales revenue $194,000 Variable expenses: Cost of goods sold . . $ 75,500 Sales commissions. 16,500 Utility expense .. 6,000 Fixed expenses: Salary expense... 32,200 Depreciation expense ..... 20,000 Rent expense 14,550 Utility expense ...... 7,000 Total expenses... $171,750 Operating income.. $ 22,250Requirements 1. Prepare an income statement performance report for March. 2. What accounts for most of the difference between actual operating income and master budget operating income? 3. What is Outrageous Bubbles' master budget variance for operating income? Explain why the income statement performance report provides Outrageous Bubbles' managers with more useful information than the simple master budget variance. What insights can Outrageous Bubbles' managers draw from this performance report