The following table contains a hypothetical partial master budget performance report for Old World Fudge Company. (Click the icon to view 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. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "O". A variance of zero is considered favorable.) Old World 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) 13,200 13,200 11,900 Sales revenue ($32 per case) 419,400 $ 422,400 380,800 Less variable expenses: $ 38,600 $ 39,600 $ 35,700 Sales expense ($3 per case sold) Shipping expense ($2 per case sold) Contribution margin 24,800 26,400 23,800 356,000 356,400 321,300 A B D E F 1 2 Old World Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For the Year Ended December 31 Flexible Budget Flexible Volume Actual Variance Budget Variance 3 Master Budget 4 5 Sales volume (number of cases sold) 13,200 13,200 11,900 6 Sales revenue ($32 per case) $ 419,400 $ 422,400 $ 380,800 7 Less variable expenses: 8 Sales expense ($3 per case sold) $ 38,600 $ 39,600 $ 35,700 9 Shipping expense ($2 per case sold) 24,800 26,400 23,800 10 Contribution margin 356,000 356,400 321,300 11 Less fixed expenses: 12 Salaries 11,900 10,300 10,300 13 Office rent 3,500 3,500 3,500 14 Operating income $ 340,600 $ 342,600 $ 307,500