Chin Inc. has provided you with the following information: Budgeted sales Budgeted selling price Standard cost of direct materials per unit Standard quantity of direct labour per unit Standard fixed costs (total) 1500 units $120 2 meters X $30 per meters = $60 1 hours x $ 25 per hour = $25 $10,000 Actual sales Actual selling price Actual cost of direct materials per unit Actual quantity of direct labour per unit Standard fixed costs (total) 1450 units $120 1.8 meters X $25 per meters = $45 1.25 hours x $20 per hour = $25 $10,000 Required: a) Using the table provided for you, prepare a performance report including a Static budget Actual results Flexible budget Volume variance Flexible budget variance PERFORMANCE REPORT Actual Static (Master) Flexible Budget Volume Variance Flexible Budget Variance Sales Variable costs Direct materials Direct labour Total variable costs Fixed costs Net income