Blowing Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 60,000 bubble kits during December, and its actual operating income was as follows: (Click the icon to view the actual income statement.) The company's flexible budget income statement for December 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 55,000 bubble kits. (For accounts with a 0 balance, make sure to ente unfavorable (U). A variance of zero is considered favorable.) Data table Data table Requirements 1. Prepare an income statement performance report for December. Note: The master budget was based on expected sales volume of 55,000 bubble kits. 2. What accounts for most of the difference between actual operating income and master budget operating income? 3. What is Blowing Bubbles' master budget variance for operating income? Explain why the income statement performance report provides Blowing Bubbles' managers with more useful information than the simple master budget variance. What insights can Blowing Bubbles' managers draw from this performance report