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Happy Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 70,000 bubble kits during October, and its actual operating income was as foligws (Cick the icon to view the actual income statement) The company's floxible budget income statement for October follows: (Click the ioon to view the flexible budget inoome statement.) Read the teguirements. Data table Happy Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 70,000 bubble kits during October, and its as follows: (Click the Icon to view the actual income statement) The company's flexible budget income statement for October follows: (Click the icon to view the flexible budget income statement.) Read the s, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 70,000 bubble kits during October, and its actuai ope icon to view the actual income statement.) 's flexible budget income statement for October follows: icon to view the flexible budget income statement.) uiroments. Happy Bubbles, Inc. Requirements 1. Prepare an income statement performance report for October. Note: The master budget was based on expected sales volume of 65,000 bubble kits. 2. What aocounts for most of the difference between actual operating income and master budget operating income? 3. What is Happy Bubbles' master budget variance for operating income? Explain why the income statement pertormance report provides Happy Bubbles' managers with more useful information than the simple master budget variance. What insights can Happy Bubbles' managers draw trom this performance report