Time 2 Relax installed nine pools during May. Prepare an income statement performance report for Time 2 Relax for May, using the table below as a guide. B (Click the icon to view the table.) Assume that the actual sales price per pool is $13,800, actual variable expenses total $65,000, and actual fixed expenses are $19,700 in May. The master budget was prepared with the following assumptions: variable cost of $8,000 per pool, fixed expenses of $20,900 per month, and anticipated sales volume of eight pools at $13,800 per pool. Requirement 1. Compute the sales volume variance and flexible budget variance. Use these variances to explain to Time 2 Relax's management why May's operating income differs from operating income shown in the static budget. ..... Requirement 1. Compute the sales volume variance and flexible budget variance. Use these variances to explain to Time 2 Relax's management why May's operating income differs from operating income shown in the static budget. Prepare an income statement report for Time 2 Relax for May. (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 is zero, do not select a label.) Time 2 Relax Pools Income Statement Performance Report Month Ended May 31 Flexible Budget for Actual Results at Flexible Budget Actual Number of Actual Prices Variance Output Units Sales Volume Static (Master) Budget Variance Output units Sales revenue Variable expenses Fixed expenses Total expenses Operating income Use the sales volume variance and flexible budget variance to explain to Time 2 Relax's management why May's operating income differs from operating income shown in the static budget. Time 2 Relax's actual operating income was $ the static budget. There are two primary reasons: 1. Time 2 Relax actually installed pool than expected. This operating income by $ $ than they should have been to install 9 pools. This flexible budget variance means that Time 2 Relax did a 2. Time 2 Relax's actual expenses to install 9 pools were $ job controlling cost