A partially completed performance report for Quasar Robotics, Inc., is in the Working Papers.

Quasar Robotics, Inc., has just completed its first quarter of the fiscal year ended December 31, 20X3.

Management is interested in identifying significant favorable and unfavorable differences between projected and actual amounts. Quasar Robotics only considers changes of 5.0% or more to be significant. Management reviews changes in net sales and cost of merchandise regardless of the amount of change.

Instructions:

1. Complete the performance report by calculating the increase (decrease) from budget and percentage increase (decrease) from budget.

2. Place an asterisk (*) in the right margin by every item that is significant.