Rachael Hair Products shows the following budgeted and actual data for the first quarter of the current fiscal year: Flexible Budget Sales Variable costs Fixed costs Operating income Actual (11,250 units) $140,625 65,250 53,000 $ 22,375 Master Budget (12,500 units) $ 150,000 70,000 50,000 $ 30,000 $ 23 Required: 1. What is the flexible budget operating income for the first quarter of the year? 2. What was the total master (static) budget variance? 3. What was the sales volume variance in terms of operating income? 4. What was the flexible budget variance? 5. Comment specifically on the financial performance of this company during the 1st quarter, how are they doing?. 6. What additional variances can be done to assess performance