i Data Table - X (5) (3)-(5) Chill-Time Pools Income Statement Performance Report Month Ended June 30 (1) (2) (3) (1)-(3) Flexible Actual Budget Results Flexible for Actual at Actual Budget Number of Prices Variance Output Units 10 -0- 10 Sales Volume Variance 2F Static (Master) Budget 8 Output units (pools installed) Sales revenue Variable expenses $121,000 83,000 22,000 $1,000 F 3,000 U 2,000 U $120,000 80,000 20,000 $24,000 F 16,000 U -O- $96,000 64,000 20.000 84,000 Fixed expenses 105,000 Total AV Anne 5,000 UI 100,000 16,000 UI Print Done Data Table - at Actual Budget Variance -0- Prices Number of Output Units 10 Volume Variance 2 F (Master) Budget 10 8 Output units (pools installed) Sales revenue Variable expenses $121,000 83,000 22,000 $1,000 F 3,000 U 2,000 U 5,000 U $120,000 80,000 20,000 $24,000 F 16,000 U -0- $96,000 64.000 20,000 Fixed expenses Total expenses 105,000 100,000 16,000 U 84.000 $ 16,000 Operating income $4.000 U $ 20,000 $ 8,000 F $12,000 Flexible budget variance, $4,000 U Sales volume variance, $8.000 F Static budget variance, $4,000 F *Budgeted sale price is $12,000 per pool, budgeted variable expense is $8,000 per pool, and budgeted total monthly fixed expenses are $20,000. Print Done Chio. Time inatailed eleven pools during May. Prepare an income statement performance report for Chill Time for May, uning the table below as a guide m Click the icon to view the table) Assume at the actual sales prio per poot is 13.600, actual variable expenses total 564,500, and actual fund expenses o $10 100 in May. The master budget was prepared with the following assumptions variable cost of $8.000 per pool, fixed expenses of $20.300 per month and anticipated sales volume of fon pools at $13,000 per pool Requirement 1. Compute the sales volume wance and flexible budget wearice. Use these variances to explain to Cha-Time's management why May's operating income differs from operating income shown in the static budget Requirement 1. Compute the sales volume variance and fexible budget variance. Use these variances to explain to Chill Time's management why May's operating income differs from genting income shown in the static budget Prepare an income statement report for Chill-Time for May (For accounts with a zero balance, make sure to enter in the appropriate column. Label och variance as favourable (F) or unfavourable (U). If the variance is zero, do not select a tabel) Chill-Time Pools Income Statement Performance Report Mooth Ended May 31 Flexible Budpol for Actual Results Flexible Budget Actus Number of Sales Volume Static Master Ach Prices Variance Output Units Budget Variance Choose from any list or enter any number in the input fields and then continue to the next question wwwyo Month Ended May 31 Flexible Budget for Flexible Budget Actual Number of Variance Output Units Actual Results at Actual Prices Sales Volume Variance Static (Master) Budget Output units 10 Sales revenue Variable expenses Fixed expenses Total expenses Operating income Choose from any list or enter any number in the input fields and then continue to the next question. Use the sales volume variance and flexible budget variance to explain to Chill-Time's management why Mays operating income differs from operating income shown in the static budget. Chill Time's actual operating income was the static budget. There are two primary reasons 1. Chill-Timo actually installed pool than expected. This operating income by 2 Chill Time's actual expenses to install 11 pools were $ than they should have been to install 11 pools. This flexible budget variance means that Chil-Time did a job controlling cost Choose from any list or enter any number in the input fields and then continue to the next