The following table contains a hypothetical partial master budget performance report for European Fudge Company (Click the icon to view the partial master budget performance report) Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "O". A variance of zero is considered favorable.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Flexible Budget Varlance Flexible Budget 13,000 Actual 13.000 Volume Variance Master Budget 12,200 Sales volume (number of cases sold) $ 344,500 $ 351,000 329,400 Sales revenue (S27 per case) Less variable expenses: Sales expense (52 per case sold) Shipping expense (51 per case sold) Contribution margin NS 24,400 $ 23,100 10,200 311,200 $ 28,000 13,000 12,200 312,000 292,800 The following table contains a hypothetical partial mas (Click the icon to view the partial master budget p X Data table Fill in the missing amounts. Be sure to indicate whethe "O". A variance of zero is considered favorable.) prable (U). If the variance is 0, make sure to enter in a A B D E F 1 1 E 2 Flexible Budget Perfor Fo European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For the Year Ended December 31 Flexible Budget Flexible Volume Actual Variance Budget Variance 3 4 Master Budget 12.200 13,000 13,000 Actul $ 344,500 S 351,000 S 329,400 Sales volume (number of cases sold) 13.00 5 Sales volume (number of cases sold) 6 Sales revenue (S27 per case) 7 Less variable expenses: 8 Sales expense ($2 per case sold) 9 Shipping expense ($1 per case sold) S 23,100 S 26,000 S 24,400 $ 344 10,200 13,000 12,200 311,200 312,000 292,800 Sales revenue (S27 per case) Less variable expenses: Sales expense (52 per case sold) Shipping expense (S1 per case sold) Contribution margin $ 23 10 Contribution margin 11 Less fixed expenses: 10 311) 12 Salaries 9,600 9,800 2,900 9,600 2.900 13 Office rent 2,900 14 Operating income $ 298,500 S 299,500 S 280,300 Print Done