Requirement 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 unit? The budgeted variable expense per unit is s Requirement 3. What is the budgeted fixed 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 57,500 units and the budgeted sales volume of 54,000 units. Use the original budget assumptions for sales price, variable cost per unit, and fixed costs, assuming the relevant range stretches from 49,000 to 72,500 units. Begin by completing the actual and master budget columns of the performance 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. For accounts with a 0 balance, make sure to enter "O" in the appropriate column. Label each variance as favorable (F) or unfavorable (U)) The Precious Balloon Company Flexible Budget Performance Report For the Month Ended January 31 Master Budget Flexible Volume Master Budget Actual Variance Budget Variance Budget Variance Flexible Sales volume Sales revenue | Less: Variable expenses Contribution margin Less: Fixed expenses DL Operating income Requirement 6a. Using the flexible budget performance report you prepared for Requirement 5, answer the following question: How much of the master budget variance (calculated in Requirement 4) for operating income 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 $ Requirement 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 $ Requirement 6c. Using the flexible budget performance report you prepared for Requirement 5, answer the following question: What could account for the flexible budget variance for sales revenue? could account for the flexible budget variance for sales revenue. Requirement 6d. Using the flexible budget performance report you prepared for Requirement 5, answer the following question: What is the volume variance for fixed expenses? Why is it this amount? (Enter a "O" for any zero amounts.) The volume variance for fixed expenses is $ expenses because fixed expenses are because the flexible budget uses the amount for fixed Choose from any list or enter any number in the input fields and then continue to the next