D Performance Report For the Year Ended December 31, 2021 Variances 20F $190,200 F Actual Budget Number of resales 200 180 Total selling fees $2,242,200 $2,052.000 10 Variable costs Sales commissions 1,205,184 1,102,950 12 Automobile 39.560 36,000 13 Advertising 103,450 93,600 14 Home repairs 89,240 77,400 15 General overhead 716,970 656,100 16 Total variable costs 2.154,404 1.966.050 17 Contribution margin 87.796 85,950 18 Fixed general overhead 62,300 60,000 19 Operating income (loss) $25,496 $25.950 20 21 Required: 21. Is the original performance report useful? Why or why not? (2 marks) 3 Useful 102,2340 3.560 9,850 U 11,840 U 60,870 0 188,354 U 1,846 F 2,300 U $454U Reason 2. Prepare a performance report using the flexible budget approach. (11 marks) Note: You may not need to use all the blue and green highlighted cells. PF-1 New COM D 12 H Singh Realtors, Inc. Flexible Budget Performance Report For the Year Ended December 31, 2021 18 Per resale Actual Budget Variances 39 Number of resales 40 Total selling fees 41 Variable costs: Sales commissions 43 Automobile Advertising 45 Home repairs 46 General overhead 47 Total variable costs 48 Contribution margin 49 Fixed general overhead 50 Operating income (loss) 51 52 3. Based on the performance report in part 2. does Singh need to be concerned? Why or why not. (2 marks) 53 54 Concerned 55 56 Explanation 57 58 PF - 1 New. novo