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 "0". A variance of zero is considered favorable.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Flexible Flexible Budget Variance Actual Budget Volume Variance Master Budget Sales volume (number of cases sold) 12,600 12,600 11,900 $ 435,000 $ 441,000 $ 416,500 Sales revenue ($35 per case) Less variable expenses: Sales expense ($5 per case sold) Shipping expense ($4 per case sold) Contribution margin $ 63,000 59,500 $ 61,100 47,600 50,400 47.600 326,300 327,600 309,400 A B C D E F Master Budget es 11,900 $ 416,500 1 European Fudge Company 2 Flexible Budget Performance Report: Sales and Operating Expenses 3 For the Year Ended December 31 Flexible Budget Flexible Volume 4 Actual Variance Budget Variance 5 Sales volume (number of cases sold) 12,600 12,600 6 Sales revenue ($35 per case) $ 435,000 $ 441,000 7 Less variable expenses. 8 Sales expense ($5 per caso sold) $ 61,100 $ 63,000 9 Shipping expense ($4 per case sold) 47,600 50,400 10 Contribution margin 326,300 327,600 11 Less fixed expenses: 12 Salaries 10,500 9,200 13 Office rent 3,200 3,200 14 Operating income $ 312,600 $ 315,200 sve $ Sal 59,500 47,600 Shia trib 309,400 9.200 3,200 $ 297,000