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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 "0". A variance of zero is considered favorable.) .... Old World Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Data table Flexible Budget Variance Flexible Budget Actual Volume Variance Master Budget B D E F Sales volume (number of cases sold) 13,400 13,400 12,600 $ 438,700 $ 3,500 U $ 442,200 $ 26,400 F $ 415,800 $ 38,000 37,800 Sales revenue ($33 per case) Less variable expenses: Sales expense (53 per case sold) Shipping expense (51 per case sold) Contribution margin Less fixed expenses: 2,200 F $ 40,200 1,000 F 13,400 2,400 U $ 800 U Master Budget 12,600 12,400 12.600 300 U $ 388,300 388,600 23,200 F 365,400 415,800 1 Old World Fudge Company 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 ($33 per case) $ 438,700 $ 442,200 7 Less variable expenses: 8 Sales expense ($3 per case sold) $ 38,000 $ 40,200 9 Shipping expense ($1 per case sold) 12,400 13,400 10 Contribution margin 388,300 388,600 11 Less fixed expenses: 12 Salaries 10,500 8,900 13 Office rent 2,800 2,800 14 Operating income $ 375,000 $ 376,900 10.500 Salaries 8,900 8.900 $ 37,800 Office rent 2.800 2.800 2.800 12,600 $ 375,000 Operating income $ 376,900 $ 353,700 365,400 8,900 2,800 $ 353,700 O Print Done

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