Data Table The Creative Balloon Company Actual vs. Budget Performance Report For the Month Ended August 31 Master Budget Master Budget Variance Actual Sales volume (number of cases sold) 61,500 57,000 Sales revenue $ 200,700 $ 90,800 Less: Variable expenses 176,700 79,800 90 300 72,000 Contribution margin $ 109,900 $ 73,700 Less: Fixed expenses $ 36,200 $ 24.900 Operating income Print Done Requirement 1. What is the budgeted sales price per unit? The budgeted sales price per unit is $ Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ Requirement 3. What is the budgeted fixed cost for the pe CD d The budgeted fixed cost for the period is $ Requirements 4 and 5. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) Management would like to determine the portion of the master budget variance that is (a) due to volume being different than originally anticipated, and (b) due to some other unexpected cause. Prepare a flexible budget performance report to address these questions, using the actual sales volume of 61,500 units and the budgeted sales volume of 57,000 units. Use the original budget assumptions for sales price, variable cost per unit, and fixed costs, assuming the relevant range stretches from 52,000 to 66,500 units. Begin by completing the actual and master budget columns of the performance report and then the master budget variances. Then compute the flexible budget column and the remaining variance columns. (Round all amounts to the nearest whole dollar. For accounts with a 0 balance, make sure to enter "0" in the appropriate column. Label each variance as favorable (F) or unfavorable (U).) The Creative Balloon Company Flexible Budget Performance Report For the Month Ended August 31 Flexible Budget Variance Flexible Budget Volume Variance Master Budget Master Budget Variance Actual Sales volume Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses Operating income Requirement 6a. Using the flexible budget performance report you prepared for Requirement 5, answer the following question: How much of the master budget variance (calculated in Requirement 4) for operating income is due to volume being higher than expected? The amount of the master budget variance for operating income due to volume being higher than expected is $ Requirement 6b. Using the flexible budget performance report you prepared for Requirement 5, answer the following question: How much of the master budget variance for variable expenses is due to some cause other than volume? The amount of the master budget variance for variable expenses due to some cause other than volume is $ L The amount of the master budget variance for variable expenses due to some cause other than volume is $ Requirement 6c. Using the flexible budget performance report you prepared for Requirement 5, answer the following question: What could account for the flexible budget variance for sales revenue? could account for the flexible budget variance for sales revenue. Requirement 6d. Using the flexible budget performance report you prepared for Requirement 5, answer the following question: What is the volume variance for fixed expenses? Why is it this amount? (Enter a "0" for any zero amounts.) because the flexible budget uses the amount for fixed The volume variance for fixed expenses is $ expenses because fixed expenses are Choose from any list or enter any number in the input fields and then continue to the next