Outrageous Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 60,000 bubble kits during March, and its actual operating income was as follows: B (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. Outrageous Bubbles, Inc. Income Statement Performance Report For the month ended March 31 Actual Master Flexible Budget Variance Flexible Budget Volume Variance Budget $ 15,500 F 6,250U 1,500 U 0 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 u 0 TI 0 0 0 0 8,000 U $ F 7,500 F 194,000 75,500 16,500 Outrageous Bubbles, Inc. Income Statement Month Ended March 31 $ Sales revenue Variable expenses: Cost of goods sold S Sales commissions Utility expense Fixed expenses: Salary expense Depreciation expense Rent expense Utility expense S Total expenses $ Operating income 6,000 32,200 20,000 14,550 7,000 171,750 22,250 Flexible Budget Income Statement Month Ended March 31 Flexible Budget per Output Unit Output Units (Kits) 55,000 60,000 65,000 Sales revenue $ 3.10 $ $ 170,500 $ 186,000 $ 201,500 Variable expenses: Cost of goods sold 1.25 68,750 75,000 81,250 Sales commissions 0.25 13,750 15,000 16,250 Utility expense 0.10 5,500 6,000 6,500 Fixed expenses: Salary expense 30,000 30,000 33,000 Depreciation expense 20,000 20,000 23,000 Rent expense 15,000 15,000 19,000 7,000 7,000 7,000 Utility expense $ 160,000 $ 168,000 $ 186,000 Total expenses S 10,500 $ 18,000 $ 15,500 Operating income