The following table contains a hypothetical partial master budget performance report for Old World Fudge Company. (Click the icon to vievlr the partial master budget performance report.) Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. 1 A variance of zero is considered favorable.) 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] 13,300 13,300 12,000 Sales revenue ($27 per case) 33 354.300 5 350.100 $ 324,000 Less variable expenses: Sales expense ($3 per case sold} as 37,100 5 30.000 $ 30000 Shipping expense {$2 per case sold) 25.000 26.000 24,000 Contribution margin 202,200 202.600 204,000 Less fixed expenses: Salaries 9,100I 8.000 8000 Office rent 2,900' 2.900 2900 Operating income as 280,200 I :15 280.800 $ 252.200 A B C D E F Old World Fudge Company 2 Flexible Budget Performance Report: Sales and Operating Expenses 3 For the Year Ended December 31 Flexible Budget Flexible Volume Master 4 Actual Variance Budget Variance Budget 5 Sales volume (number of cases sold) 13,300 13,300 12,000 6 Sales revenue ($27 per case) S 354,300 $ 359,100 $ 324,000 7 Less variable expenses: 8 Sales expense ($3 per case sold) S 37,100 39,900 $ 36,000 9 Shipping expense ($2 per case sold) 25,000 26,600 24,000 10 Contribution margin 292,200 292,600 264,000 11 Less fixed expenses: 12 Salaries 9,100 8,900 8,900 13 Office rent 2,900 2.900 2,900 14 Operating income $ 280,200 $ 280,800 $ 252,200