Great Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 50,000 bubble kits during May, 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 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 45,000 bubble kits. (For accounts with a 0 balance, make sure to enter "0" in the appropriate column. Label each variance as favorable (F) or unfavorable (U). A variance of zero is considered favorable.) Data table Sales revenue $3.05$137,250$5,000$152,50050,000$$167,75055,000 Variable expenses: CostofgoodssoldSalescommissionsUtilityexpense1.250.150.2056,2506,7509,00062,5007,50010,00068,7508,25011,000 Fixed expenses: Great Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 50,000 bubble kits during May, and its actual OutputunitsSalesrevenueActualFlexibleBudgetVlexible Variable expenses: Cost of goods sold Sales commissions expense Utility expense Fixed expenses: Salary expense Depreciation expense Rent expense Utility expense Total expenses Fixed expenses: Salary expense Depreciation expense Rent expense Utility expense Total expenses Operating income