Requirements 4 and 5. Compute the master budget variances. Be sure to indicate wach vanance as favorable (F) or unfavorable (U) Management would the to determine the portion of the master budget variance that is (a) due to volume being of nanginally anticipated, and (b) due to some other unexpected cause. Prepare a fextle budget performance report to address these questions, using the actual sales volume of 56,500 units and the budgeted sales volume of $1,000 uns Use th orginal budget assumptions for sales price, variable cost per unit, and fed costs, assuming the relevant range stretches from 46,000 to 64,000 unt Begin by completing the actual and master budget columns of the performance report Label each s The Lasting Balloon Company Flexible Budget Performance Report For the Month Ended July 31 Actual Budget Variance Budget Voluma Variance Master Budget Budget Variance 56500 $1000 Sales vitume Sales revenue 172900 75300 Lass Variable expe Contribution margin 66100 Leax Fixed expenses 31500 147000 66300 1600 65000 16600 Operating income