happy bubbles inc produces multicolored bubble solution

4 P10-50B (similar to) Question Hell Happy Bubbles, Inc produces multioolored bubble solution used for weddings and other avents. The company sold 70,000 bubble kits during August, and its actual operating income was as follows E(Click the icon to view the actual ingome statement) The company's flexible budget income statement for August follows e (Click the icon to view the fiexible budget income statement.) Read the requirements Requirement 1. Prpare the inoome statement performance report. Note The master budget was based on expected sales volume of 05.000 bubble kits. For accounts with a 0 balance make sure to e 0 in the appropriate column. Label each variance as favorable (F) or unfavdrable (U) A variance of zero is considered favorable) Happy Bubbles, Inc X Income Statement Performanc Data Table For the month ended Augu Actual Flexible Budget Happy Bubbles, Inc. 4 of 7 (2 complete) vents. The company sold 70,000 bubble kits during August, and its actual operating income was as follows: X Data Table Happy Bubbles, Inc. Income Statement Ma Volume Month Ended August 31 Variance Bu 221,000 Sales revenue Variable expenses Cost of goods sold 88.000 Sales commissions 11.500 Utility expense 14.000 Fixed expenses Salary expens 32.300 20.000 Depreciation expense 9.500 Rent expense 5.000 Utility expense 180 350 Total expenses 40 650 Operating income Done Print e #m 4 of 7 (2 complete) X Data Table follc her Flexible Budget Income Statement Month Ended August 31 Flexible Budget ke sure r bu per Output Output Units (Kits) Unit 75,000 65,000 70,000 $ 198.250 S 213.500 $ 228.750 3.05 Sales revenue Variable expenses 81,250 Cost of goods sold 1125 87.500 93.750 0 16 9.750 10.500 11.250 Sales commissions o 20 13.000 14,000 16.000 Utility expense Fixed expenses 30.000 Salary expense 30.000 33.000 o po0 Depreciation experse 20.000 23,000 Rent expense 10.000 5.000 10.000 14.000 6.000 5.000 Utility axpens4 3 109000 S177.000 197.000 Total xns4 9 29250 OPeIing Done Print Clear A Requirement 1, Prepare the income statement peformance report Note: The masher budpet was based on expected sales wolume of 65.000 bubble its For accounts with a untavorable () A varianoe of zero is considered favorable balance, make ue to ene n the appropriate Happy Bubbles, Ino Income Statement Performance Report For the month ended August 31 Aotual Flexible Dudget Flaxible Valume Master Variance Budget Variance Budget Output units Sales revenue Variable expenses Cost of goods sold Sales commissions expense USity axpense Fixed expenses Salary expense Choose from any ist or ester any hanber in the input fields and theh click DritoANiw 4 Parts rehaning Clear A O Tyne here fo