Lively Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 50,000 bubble kits during July, and its actual operating income was as follows Requirements 1.Prepare an income statement performance report for July. Note: The master budget was based 2. What accounts for most of the difference between actual operating income and master budget 3. What is Lively Bubbles' master budget variance? Explain why the income statement performance on expected sales volume of 45,000 bubble kits operating income? report provides Lively Bubbles' managers with more useful information than the simple master budget variance. What insights can Lively Bubbles managers draw from this performance report