Please complete the income statement performance report

Happy Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 70,000 bubble kits during December, and its actual operating income was as follows: Click the icon to view the actual income statement.) The company's flexible budget income statement for December follows: (Click the icon to view the flexible budget income statement.) Read the requirements Requirement 1. Prepare the income statement performance report. Note: The master budget was based on expected sales volume of 65,000 bubble kits. (For accounts with a balance, make sure to enter o appropriate column. Label each variance as favorable (F) or unfavorable (U). A variance of zero is considered favorable.) Happy Bubbles, Inc. Income Statement Performance Report For the month ended December 31 0 Actual Flexible Budget Variance Flexible Budget Volume Variance Master Budget Output units Sales revenue Variable expenses Cost of goods sold Sales Commissions expense Choose from any list or errier any number in the input fields and then continue to the next question & $ 96 5 6 7 2 3 E R U Y Data Table actual operating ble solutio atement.) nt for Dece ncome stat Happy Bubbles, Inc. Flexible Budget Income Statement Month Ended December 31 Flexible mt performar avorable (F) Jaccounts with a 0 be Budget per Output Unit Income Stal For them Output Units (Kits) 65,000 70,000 75,000 $ 191,750 $ 206,500 $ 221,250 ctual F $ 295 Sales revenue Variable expenses Cost of goods sold Sales commissions Utility expense Faced expenses Salary expense 1.20 0.25 78,000 16,250 9.750 84,000 17.500 10,500 90,000 18.750 11,250 0.15 33,000 33,000 36,300 mber in the input Print Done 80 $ 96 5 & 7 4 6 8 9 0 R T Y U 0 G . K Data Table actual operat ble solutio tement.) nt for Dece ncome stat per Output Unit Output Units (Kits) 65,000 70,000 75,000 $ nt performar avorable (F) 2.95 $ 191,750 $ 206,500 $ 221,250 accounts with ac 1.20 Income Sta 78,000 16,250 0.25 84,000 17,500 10,500 90,000 18,750 11,250 For them 0.15 9,750 ctual FI Sales revenue Variable expenses Cost of goods sold Sales commissions Utility expense Fixed expenses Salary expense Depreciation expense Rent expense Ulity expense Total expenses Operating income 33,000 18,000 9,000 6,000 33,000 36,300 18,000 20,700 9,000 13,000 6,000 6,000 178,000 $ 190,000 28,500 $ 25,250 $ 170,000 $ 21,750 $ nber in the input Print Done 90 888 $ & + 0 5 6 7 9 0 R T U G H. J 1 of 4 (0 complete) Thi Data Table Jcember, and its actual operating income was solution used for wedd ment.) or December follows: me statement.) erformance report. Note rable (F) or unfavorable Happy Bubbles, Inc. Income Statement Month Ended December 31 Sales revenue $ Variable expenses Cost of goods sold $ Sales commissions 215,500 Ubble kits. (For accounts with a balance, make 84.750 Happy Bubbles, come Statement Perfor For the month ended D 19.000 10,500 Flexible Budget Variance Utlity expense Fixed expenses Salary expense Depreciation expense Rent expense Utility expense Total expenses Operating income 35,100 18,000 8,350 6,000 $ 181.700 33.800 $ in the input fields and ther Print Done 999 $ & 96 5 6 7 8 9 0 R. T Y 0 P. G H K Requirement 1. Prepare the income statement performance report. Note: The master budget was based on expected sales volume of 65,000 bubble kits. (For accounts with a balance, make sure to enter in the appropriate column. Label each variance as favorable (F) or unfavorable (U). A variance of zero is considered favorable) Happy Bubbles, Inc. Income Statement Performance Report For the month ended December 31 Actual Master Flexible Budget Variance Flexible Budget Volume Variance Budget Output units Sales revenue Variable expenses Cost of goods sold Sales commissions expense Choose from any list or enter any number in the input fields and then continue to the next question 225 0 96 5 6 7 8 2 3 Y W E T R J H D G S F N M V B Z The company's flexible budget income statement for December follows: (Click the icon to view the flexible budget income statement.) Read the requirements 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 Choose from any list or enter any number in the input fields and then continue to the next question ES $ 4 8 7 6 5 2 3 Y T 142 F R