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) Fil 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 make sure to enter in a '0". A variance of zero is considered favoratie) Actual Variance Budget Volume Variance Master Budget Sales volume (number of cases sold) 13,400 13,400 12,700 $ 350,000 3301,300 342.900 Sales revenue (527 perce) Less variable expenses Sales expense (54 percase solo) Shipping expens (3 percase sold) Contrbution margin Losoftved expenses Salas Officerent Operating income $ 50,700 39,400 208.700 $ 53,500 40,200 208,000 50,000 38,100 254.000 11,000 10,300 1,000 5.256,700 10,500 1,000 1000 $ 254,100 242,700 Master Budget 12,700 $ 342,900 2 Flexible Budget Performance Report: Sales and Operating Expenses 3 For the Year Ended December 31 Flexible Budget Flexible Volume 4 Actual Variance Budget Variance 5 Sales volume (number of cases sold) 13,400 13,400 6 Sales revenue ($27 per case) $ 356,800 $ 361,800 7 Less variable expenses: 8 Sales expense ($4 per case sold) $ 50,700 $ 53,600 9 Shipping expense ($3 per case sold) 39,400 40,200 10 Contribution margin 266,700 268,000 11 Less fixed expenses: 12 Salaries 11,600 10,300 13 Office rent 1,000 1,000 $ 14 Operating income 254,100 $ 256,700 $ $ 50,800 38,100 254,000 10,300 1,000 $ 242,700