The Lively Balloon Company produces party balloons that are sold in multi-pack cases. Following is the company's performance report in contribution margin format for December Click the icon to view the performance report in contribution margin format.) Read the requirements Requirement 3. What is the budgeted fixed cost for the period? The budgeted fixed cost for the period is $ 73,000 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 50.000 units and the budgeted sales volume of 57,000 units. Use the original budget assumptions for sales price, variable cost per unit, and fixed costs, assuming the relevant range stretchers from 52.000 to 74.000 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 at amounts to the nearest whole dollar Label each variance as favorabile (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable) The Lively Balloon Company Flexible Budget Performance Report For the Month Ended December 31 Sales volume Sales revenue Less: Variable expenses Contribution margin Less Fixed expenses Operating income Flexible: Master Budget Actual Variance Flexible Budget Volume Variance Master Budget Budget Variance 50000