S10-12 (similar to): Flexible Budget The following table contains a hypothetical partial master budget performance report for Olivia Chocolates. Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. If the variance is 0, make sure to enter in a "0". Label each variance as favorable (F) or unfavorable (U) unless the variance is zero, then do not select a label.) Flexible Budget Performance Report Actual Flexible Budget Flexible Volume Master Variance Budget Variance Budget Sales volume 12,800 12,100 Sales revenue $352,900 $338,800 Variable operating expenses: Sales expense $62,400 $60,500 Shipping expense $22,700 $24,200 Fixed operating expenses: Salaries $9,900 Office rent $1,200 $1,200 Total operating expenses $97,800 $95,800 $11,500