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Data Table Outrageous Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 60,000 bubble kits during March, and its actual operating income was as follows: E: (Click the icon to view the actual income statement.) The company's flexible budget income statement for March follows: B (Click the icon to view the flexible budget income statement.) Read the requirements. Outrageous Bubbles, Inc. Flexible Budget Income Statement bf zero Month Ended March 31 Requirement 1. Prepare the income statement performance report. Note: The master budget was based on expected sales volume of 55,000 bubble kits. (For accounts with a 0 balance, make sure to enter "O considered favorable.) Data Table Outrageous Bubbles, Inc. Income Statement Performance Report Flexible Budget per Output Unit For the month ended March 31 Outrageous Bubbles, Inc. Income Statement Month Ended March 31 Output Units (Kits) 55,000 60,000 65,000 Actual Flexible Budget Flexible Volume Master Variance Budget $ 170,500 $ Variance Budget Sales revenue $ 186,000 $ 201,500 3.10 $ Sales revenue. 191,000 Output units Variable expenses: Cost of goods sold Sales commissions 1.25 Variable expenses: Cost of goods sold 68,750 81,250 Sales revenue $ 75,600 75,000 15,000 0.25 13,750 16,250 Sales commissions 17,000 0.10 5,500 6,000 Variable expenses: Cost of goods sold Sales commissions expense 6,500 6,000 Utility expense Fixed expenses: Salary expense Depreciation expense 30,000 30,000 33,000 Utility expense Fixed expenses: Salary expense Depreciation expense Rent expense 32,200 20,000 20,000 Utility expense Fixed expenses: Salary expense Depreciation expense 23,000 20,000 Rent expense 15,000 7,000 15,000 7,000 19,000 7,000 14,050 7,000 Utility expense Utility expense Total expenses $ 160,000 $ Rent expense 168,000 $ 186,000 Total expenses.. $ 171,850 $ 10,500 $ 18,000 $ 15,500 Utility expense Operating income $ 19,150 Total expenses Operating income Operating income Print Done Done Print Done Requirement 2. What accounts for most of the difference between actual operating income and master budget operating income? The for operating income is larger than the Most of the difference between master budget operating income and actual operating income resulted from bubble kits than expected. Requirement 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' managers draw from this performance report? This means that operating income is Outrageous Bubbles' master budget variance for operating income is than expected. Choose two reasons why the income statement performance report provides Outrageous Bubbles' managers with more information than the simple master budget variance. These variances suggest that the marketing department did a v job by selling kits than expected, at a sale price than expected