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5. The Blowing Balloon Company produces party balloons that are soid in multi-pack cases. Following is the compary's perlormance report in contribution margin format for October: 1(Click the icon to view the performance report in contribution margin format.) Fiead the requiraments. Roquirement 1. What is the budgeted sales price per unit? The budgeted sales price per unit is Requirement 2. What is the budgeted variable expense per unif? The budgeted variable expense per unit is Roquirement 3. What is the budgeted fiwed cost for the period? The budgeted fixed cost for the period is Requirements 4 and 5. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) Management would like to determine the portion of the master budget variance that is (a) due to volume being different than originally anticipated, and (b) due to some other unexpected cause. Prepare a flexible budget performance report to address these questions, using the actual sales volume of 54,000 units and the budgeted sales volume of so,000 unts. Use the original budget assumptions for sales price, variable cost per unt, and fxed costs, assuming the relevant range stretches from 45,000 to 59,000 units. Begin by completing the actual and master budget columns of the periormance report and then the master budget variances. Then compute the flexible budget column and the remaining variance columns. (Round all amounts to the nearest whole dollar. Label each variance as faworable (F) or unfavorable (U). If the variance is 0 , make sure to enter in a "O". A variance of zero is considered favorable.) Requirement 6 . Using the flexible budget performance report you prepared for Requirement D, answer the following question: How much of the master budget variance (calculated in Rlequirement 4) for operating inoome is due to volume being higher than expected? The amount of the master budget variance for operating income due to volume being higher than expected is Roquirement 6b. Using the flexible budget performance report you prepared for Requirement 5 , answer the following question: How much of the master budget variance for variable expenses is due to some cause other than volume? The amount of the master budget variance for variable expenses due to some cause other than volume is Roquirement 6c. Using the flexible budget performance report you prepared for Requirement 5 , answer the folowing question: What could account for the flexible budget variance for sales reverue? (19) could account for the flexible budget variance for sales reverue. Roquirement 6d. Using the flewble budget performance report you prepared for flequirement 5 , answer the following question: What is the volume variance for fored expenses? Why is it this amount? (Enter a "o" for any zero amounts.) The volume variance for flxed expenses is because the flexible budget uses the amount for foved expenses because fived expenses are 1: Lata Iable 2: Requiremerits 1. What is the budgeted sales price per unit? 2. What is the budgeted variable expense per unit? 3. What is the budgeted fuwed cost for the period? 4. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 5. Management would like to determine the portion of the master budget variance that is (a) due to volume being different than originally anticipabed and (b) due to some other unexpected cause. Prepare a flexible budget pertormance report to address these questions, usin the actual sales volume of 54,000 units and the budgeted sales volume of 50,000 units. Use the original budget assumptions for sales price, variable post per unit, and flxed oosts, assuming the relevant range stretches from 45,000 to 59 , 000 units. 6. Using the flewble budget pertormance report you prepared for Requirement 5 , answer the following questions: a. How much of the master budget variance (calculated in Fequirement 4 ) for operating income is due to volume being higher than expected? b. How much of the master budget variance for variable expenses is due to some cause other than volume? c. What could acoount for the flewble budget variance for sales revenue? d. What is the volume variance for fixed expenses? Why is it this amount