The company's master budget income statement for March follows. It is based on expected sales volume of 55,000 bubble kits. Outrageous Bubbles, Inc Master Budget Income Statement Month Ended March 31 $170,500 Variable expenses: Cost of goods sold Sales commissions Utility expense $ 68,750 13,750 5,500 Fixed expenses: 30,000 20,000 15,000 7,000 $160,000 $ 10,500 Salary expense Depreciation expense Rent expense Utility expense Total expenses