Prepare a budget with different volumes for planning (Leaming Objective 5) Outrageous Bubbles, Inc., produces multicolored bubble solution used for weddings and other events. The company's master budget income statement for March follows. It is based on expected sales volume of 55,000 bubble kits. OUTRAGEOUS BUBBLES, INC. Master Budget Income Statement Month Ended March 31 $170,500 $ 68,750 13,750 5,500 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... 30,000 20,000 15,000 7,000 $160,000 $ 10,500 Requirements 1. Prepare fled ble budget income statements for the company, showing output levels of 55,000 60,000, and 65,000 lits. 2. Graph the behavior of the company's total costs. Use total costs on the y-ads and volume (in thousands of bubble kits) on the x-ads. 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 17 What is the disadvantage of the graphic approach