The Lasting Balloon Company produces party balloons that are sold in multi-pack cases. To follow is the company's performance report in contribution margin format for January: B (Click the icon to view the performance report in contribution margin format.) Read the requirements. The budgeted fixed cost for the period is $ 65,000 Requirements 4 and 5. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 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 55,500 units and the budgeted sales volume of 50,000 units. Use the original budget assumptions for sales price, variable cost per unit, and fixed costs, assuming the relevant range stretches from 45,000 to 70,500 units. Begin by completing the actual and master budget columns of the performance report and then the master budget variances. Then compute the flexible budget column and the remaining variance columns. (Round all amounts to the nearest whole dollar. For accounts with a 0 balance, make sure to enter "0" in the appropriate column. Label each variance as favorable (F) or unfavorable (U).) The Lasting Balloon Company Flexible Budget Performance Report For the Month Ended January 31 Flexible Master Budget Flexible Volume Master Actual Variance Variance Budget 65,000 Budget 50,000 Budget Variance 15,0000F 65,000 0 Sales volume F 50,000F Sales revenue 163,000 F F F Less: Variable expenses U U U Contribution margin F F F Less: Fixed expenses U F U Operating income F ce i Data Table a The Lasting Balloon Company Actual vs. Budget Performance Report For the Month Ended January 31 C Master Master Budget Actual Budget Variance Sales volume (number of cases sold) 55,500 50,000 Sales revenue $ 163,000 $ 64,000 140,000 55,000 Less: Variable expenses Contribution margin $ 99,000 $ 66,600 85,000 65,000 Less: Fixed expenses $ 32,400 $ 20,000 Operating income Print Done g