Time 2 Chill installed ten pools during July. Prepare an income statement performance report for Time 2 Chill for July. using the table below as a guide. a (Click the icon to view the table.) Assume that the actual sales price per pool is $13,000. actual variable expenses total $65,500, and actual xed expenses are $19,200 in July. The master budget was prepared with the following assumptions: variable cost of $8,200 per pool, xed expenses of $20,300 per month, and anticipated sales volume of nine pools at $13,000 per pool. Requirement 1. Compute the sales volume variance and exible budget variance. Use these variances to explain to Time 2 Chili's management why July's operating income differs from operating income shown in the static budget. Requirement 1. Compute the sales volume variance and exible budget variance. Use these variances to explain to Time 2 Chili's management why July's operating income differs from operating income shown in the static budget. Prepare an income statement report for Time 2 Chill for July. (For accounts with a zero balance, make sure to enter "0" in the appropriate column. Label each variance as favourable (F) or unfavourable (U). If the variance ls zero, do not select a label.) Flexible Budget for Actual Results at Flexible Budget Actual Number of Sales Volume Static (Master) Actual Prices Variance Output Units Variance Budget (2) (3) (4) (1)-(3) Flexible (3H5) Budget Flexible for Actual Sales Budget Number of Volume Variance Output Units* Variance $121,000 $1,000F $120,000 $240001= M Output units Sales revenue Variable expenses Fixed expenses Total expenses Operating income Actual Results at Actual Prices Flexible Budget Variance Flexible Budget for Actual Number of Output Units Sales Volume Variance Static (Master) Budget Hlm Use the sales volume variance and exible budget variance to explain to Time 2 Chill's management why July's operating income differs from operating income shown in the static budget. Time 2 Chill's actual operating income was $ 1V the static budget. There are two primary reasons: 1. Time 2 Chill actually installed V pool than expected. This 2. Time 2 Chill's actual expenses to install 10 pools were $ V job controlling cost. 'V '7 operating income by $ than they should have been to install 10 pools. This W exible budget variance means that Time 2 Chill did a