Lively Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 50,000 bubble kits during July, and its actual operating income was as follows Requirements X. 1.Prepare an income statement performance reportfor July Note. The master budget was 2. What accounts for most of the difference between actual operating income and master 3. What is Lively Bubbles' master budget variance? Explain why the income statement 1. Prepare an income statement performance report for July. Note. The master budget was based on expected sales volume of 45,000 bubble kits. budget operating income? performance report provides Lively Bubbles' managers with more useful information than the simple master budget variance. What insights can Lively Bubbles managers draw from this performance report