Daytec Companys fixed budget performance report for June follows. Its not done correctly! The Variances show the differences between the Fixed Budget (6,000 units) and the Actual Results (4,800 units). They have mixed apples and oranges. Using the following additional information, you are to compute the CORRECT variances (between the Flexible Budget and the Actual Results).

The $440,000 budgeted expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. Prepare a flexible budget performance report showing any variances between budgeted and actual results.

Daytec Company Fixed Budget Performance Report (Variances are incorrectly calculated! This is NOT the way to do it)
	Fixed Budget	Actual Results	Variances
Sales (in units)	6,000	4,800
Sales (in dollars)	$480,000	$422,400	$57,600U
Total expenses	440,000	394,000	46,000F
Income from operations	$40,000	$28,400	$11,600U

a) What is the net income for the master budget?

b) What is the net income for the flexible budget?

c) What is the actual net income?

d) What is the total flexible budget variance?