Outrageous Bubbles, Inc, produces multicolored bubble solution used for weddings and other events (Click the icon to view the master budget income statement) Outrageous Bubbles' plant capacity is 62,500 kits. If actual volume exceeds 62,500kits, the company must expand the plant. In that case, salaries will increase by 10%, depreciation by 15%, and rent by $4,000. Fixed utilities will be unchanged by any volume increase Requirement 1. Prepare flexible budget income statements for the company, showing output levels of 55,000,60 Requirements 1. Prepare flexible budget income statements for the company, showing output levels of 55,000,60,000, and 65,000 kits 2. Graph the behavior of the company's total costs. Use total costs on the y-axis and volume (in thousands of bubble kits) on the x-axis. 3. Why might Outrageous Bubbles' managers want to see the graph you prepared in Requirement 2 as well as the columnar format analysis in Requirement 1 ? What is the disadvantage of the graphic approach? Data table Marcn Iollows. II is dased on expeciea sales volume or 55,000 bubble kits