Requirement 1. Prepare the income statement performance report. Note: The master budget was based on expected sales volume of 65,000 bubble kits. (For accounts with a 0 balance, make sure to enter "0" in the appropriate column. Label each variance as favorable (F) or unfavorable (U). A variance of z favorable.) Everlasting Bubbles, Inc. Data Table Data Table Income Statement Performance Report For the month ended March 31 Everlasting Bubbles, Inc. Everlasting Bubbles, Inc. Actual Flexible Budget Flexible Volume Flexible Budget Income Statement Master Income Statement Variance Month Ended March 31 Budget Variance Budget Month Ended March 31 $ Sales revenue 211,500 Flexible Output units Variable expenses Budget Sales revenue Cost of goods sold $ 87,750 per Output Variable expenses: 24.000 Sales commissions Unit Output Units (Kits) Cost of goods sold 65.000 70,000 75,000 Utility expense 3,500 Sales commissions expense Fixed expenses Sales revenue $ 2.90 $ 188,500 $ 203,000 $ 217,500 Utility expense Salary expense 32,300 Variable expenses Fixed expenses Depreciation expense 20,000 Cost of goods sold 1.25 81.250 87,500 93,750 Salary expense Rent expense 6,950 Sales commissions 0.30 19,500 21,000 22,500 Depreciation expense 6,000 Utility expense Utility expense 0.05 3,250 3,500 Rent expense 3,750 Total expenses $ 180,500 Fixed expenses Utility expense 31,000 Salary expense 30,000 30,000 33,000 Total expenses Operating income Depreciation expense 20.000 20.000 23,000 Operating income Rent expense 8,000 8,000 12,000 Print Done 6,000 6,000 6,000 Utility expense Total expenses $ 168,000 $ 176,000 $ 194,000 Choose from any list or enter any number in the input fields and then click Check Answer. $ 20,500 $ 27,000 $ 23,500 Operating income narts