The following table contains a hypothetical partial master budget performance report for Olivia's Fudge Company.

Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.)

(PLEASE ALSO INCLUDE THE SALARIES (ACTUAL $11,300, FLEXIBLE ($10,500) AND OFFICE RENT (ACUTAL $2,800, FLEXIBLE $2,800) AT THE END TO GET THE FINAL OPERATING INCOME)

Question content area bottom

Part 1

Olivia's Fudge Company
Flexible Budget Performance Report: Sales and Operating Expenses
For Year Ended December 31
		Flexible Budget		Flexible
	Actual	Variance		Budget	Volume Variance		Master Budget
Sales volume (number of cases sold)	13,400			13,400			12,400
Sales revenue ($35 per case)	$464,000			$469,000			$434,000
Less variable expenses:
Sales expense ($5 per case sold)	$65,400			$67,000			$62,000
Shipping expense ($2 per case sold)	26,300			26,800			24,800
Contribution margin	372,300			375,200			347,200