The Creative Balloon Company produces party balloons that are sold in mult-pack cases. Following is the company's performance inport in contribution margin format for July IIH (Click the icon to view the porfomance roport in contibution margh format) Read the chauitements. The tudgeted fixed cost for the period is Requirements 4 and 5. Compute the master budget variances. Be sure to indicate each varance as favorable (F) or untavorable (U.) Management would like to determine the portion of the master budget varance that is (a) due to volume being diflereet than eriginatly anticpased, and (b) due to some other unerpected casse. Prepare a flexible budget performance report to address these queations, using the actual saies volume of 64,500 units and the budgeted soles volume of 50,000 unds. Use the criginai budget assumpticns for sales price, variabile cost per unt, and fisd costs, assuming the relevant range stretches from 64.000 to 60.500 units Begin by completing the acfual and master budgot columns of the performance report and then the master budgot variances. Then computo the fevible budget column and the remaining variance columems. (Round all amounts to the neatest whola dollar. Label each variance as tavorable (F) ar unteroratle (U) if the vanance is 0, make sure to entar in a "O". A variance of zero is considered tavoratie.) 1. What is the budgeted sales price per unit? 2. What is the budgeted variable expense per unit? 3. What is the budgeted fixed cost for the period? 4. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 5. 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 64,500 units and the budgeted sales volume of 59,000 units. Use the original budget assumptions for sales price, variable cost per unit, and fixed costs, assuming the relevant range stretches from 54,000 to 69,500 units. 6. Using the flexible budget performance report you prepared for Requirement 5 , answer the following questions: a. How much of the master budget variance (calculated in Requirement 4) for operating income is due to volume being higher than expected? b. How much of the master budget variance for variable expenses is due to some cause other than volume? c. What could account for the flexible budget variance for sales revenue? d. What is the volume variance for fixed expenses? Why is it this amount? Data table