Data table Requirements 1. Prepare an income statement performance report for January. 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 Outrageous Bubbles' master budget variance for operating income? Explain why the income statement performance report provides Outrageous Bubbles' managers with more useful information than the simple master budget variance. What insights can Outrageous Bubbles' managers draw from this performance report? 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 appropriate column. Label each variance as favorable (F) or unfavorable (U). A variance of zero is considered favorable.) Utility expense Total expenses Operating income