U SIM 10) Questione Happy Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 70.000 bubble kits during May and income was as follows: Click the icon to view the actual income statement.) The company's flexible budget income statement for May follows: (Click the icon to view the flexible budget Income statement) Read the requirements Requirement 1. Prepare the income statement performance report Note: The master budget was based on expected sales volume of 65,000 a 0 balance, make sure to enter in the appropriate column Label each variance as favorable (F) or unfavorable (U) A variance of miscon cc d Happy Bubbles, Inc. Income Statement Performance Report For the month ended May 31 Actual Volume Master Flexible Budget Variance Flexible Budget Variance Hudget Output units Sales revenue Variable expenses Cost of goods sold Sales commissions expense Uity expense Fred expenses Salary expense Depreciation expense Rent expense y expense Total expenses Operating income Choose from any est or enter any number in the input fields and then click Check Answer E Question Data Table pmpany sold 70,000 bubble kits during May, and its actual og i Data Table ead egy 06 225,500 Happy Bubbles, Inc. Flexible Budget Income Statement Month Ended May 31 Flexible Budget per Output Unit Output Units (Kits) 65,000 70.000 75.000 Sales revenue $ 3.10 $ 201,500 $ 217,000 $ 232,500 Variable expenses Cost of goods sold 81.250 87,500 93,750 Sales commissions 0.20 13,000 14,000 15,000 Utility expense 0.15 9.750 10.500 11.250 Fixed expenses Salary expense 33,000 33,000 36,300 Depreciation expense 18,000 18.000 20.700 Rent expense 9.000 9.000 9,000 15,000 Utility expense 3.000 3,000 3.000 $ Total expenses 167,000 $ 175,000 $ 195,000 $ Operating income 34,500 $ 42,000 5 37.500 Happy Bubbles, Inc. Income Statement Month Ended May 31 Sales revenue.... $ Variable expenses Cost of goods sold Sales commissions Utility expense Fixed expenses Salary expense Depreciation expense Rent expense Utility expense Total expenses $ Operating income 87,800 2000 10,500 1.25 35,100 18.000 8,550 3.000 179,950 45,550 Print Done Print Done