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 62,000 units and the budgeted sales volume of 58,000 units. Use the original budget assumptions for sales price, variable cost per unit, and fixed costs, assuming the relevant range stretches from 53,000 to 77,000 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 "0" in the appropriate column. Label each variance as favorable (F) or unfavorable (U).) The Great Balloon Company Flexible Budget Performance Report For the Month Ended August 31 Flexible Budget Flexible Volume Variance Budget Variance OF 62000 4000 Master Actual 62000 Master Budget 58000 Budget Variance 4000 Sales volume 4000F Sales revenue 206600 21000|| F 185600 104400 113900 9500 Less: Variable expenses Contribution margin MEN 92700 OOOOOO 812001 11500|| F Less: Fixed expenses 72700 72000 700 19000 9200 9800 Operating income Choose from any list or enter any number in the input fields and then click Check Answer. Data Table Variance Actual 62,000 Budget 58,000 Sales volume (number of cases sold) Sales revenue $ 206,600 $ 113,900 185,600 104,400 Less: Variable expenses Contribution margin $ 92,700 $ 73,700 81,200 72,000 Less: Fixed expenses $ 19,000 $ 9,200 Operating income Print Done 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 62,000 units and the budgeted sales volume of 58,000 units. Use the original budget assumptions for sales price, variable cost per unit, and fixed costs, assuming the relevant range stretches from 53,000 to 77,000 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 "0" in the appropriate column. Label each variance as favorable (F) or unfavorable (U).) The Great Balloon Company Flexible Budget Performance Report For the Month Ended August 31 Flexible Budget Flexible Volume Variance Budget Variance OF 62000 4000 Master Actual 62000 Master Budget 58000 Budget Variance 4000 Sales volume 4000F Sales revenue 206600 21000|| F 185600 104400 113900 9500 Less: Variable expenses Contribution margin MEN 92700 OOOOOO 812001 11500|| F Less: Fixed expenses 72700 72000 700 19000 9200 9800 Operating income Choose from any list or enter any number in the input fields and then click Check Answer. Data Table Variance Actual 62,000 Budget 58,000 Sales volume (number of cases sold) Sales revenue $ 206,600 $ 113,900 185,600 104,400 Less: Variable expenses Contribution margin $ 92,700 $ 73,700 81,200 72,000 Less: Fixed expenses $ 19,000 $ 9,200 Operating income Print Done