4 Ace Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Ace excepts to find renters for 100 apartments with an average first month's rent of $720. Budgeted cost data per tenant application for 2022 follow: Professional Labour: 1.6 hours @ $20/hr Credit Checks: $51 each Ace expects other costs, including the lease payment for the building, secretarial help, and utilities to be $3,100 per month. On average, Ace is successful in place one tenant for every three applicants. Actual Rental applications in August 2022 were 270. Ace paid $9,400 for 410 hours of professional labour. Credit checks went up to $56 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $3,700. The average first monthly rental for August 2022 were $820 per apartment unit for 90 units. Required 1) Prepare an operating income variance report. What is the total operating income variance for August 2022? What is the total flexible-budget variance for the month? What is the sales volume variance for the month? 2) Determine the professional labour rate and labour efficiency variance for August 2022 Part 2) 1) What is the difference between a master budget and flex budgets