P10-44A Prepare and interpret a performance report (Learning Objective 2) Refer to the Outrageous Bubbles data in P10-43A. The company sold 60,000 bubble kits during Marel and its actual operating income was as follows: OUTRAGEOUS BUBBLES, INC. Income Statement Month Ended March 31 ................ $194,000 $ 75,500 16,500 6,000 Sales revenue ................. Variable expenses: Cost of goods sold ........... Sales commissions ....... Utility expense ...................... Fixed expenses: Salary expense......... Depreciation expense .... Rent expense................. Utility expense ... Total expenses........... Operating income........... 32,200 20,000 14,550 7,000 $171,750 $ 22,250 .............. Requirements 1. Prepare an income statement performance report for March. 2. What accounts for most of the difference between actual operating income and master budget operating income? 3. What is Outrageous Bubbles master budget variance for operating income? Explain why the income statement performance report provides Outrageous Bubbles managers with more useful information than the simple master budget variance. What insights can Outrageous Bubbles