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Old World Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For the Year Ended December 31 Flexible Budget Flexible Actual Variance Budget Volume Variance Master Budget Sales volume (number of cases sold) 12,600 12,600 11,600 346,300 $ 352,800 324,800 Sales revenue ($28 per case) Less variable expenses 60,100 35,400 250,800 Sales expense ($5 per case sold) 63,000 37,800 252,000 58,000 34,800 232,000 Shipping expense ($3 per case sold) Contribution margin