E23-16 preparing a flexible budget performance report

Cole Pro Company managers received the following incomplete performance reports:

Cole Pro Company

Flexible budget performance report

For the year ended July 31, 2016

Actual Flexible Flexible sales static

Results Budget Budget volume Budget

Variance. Variance

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Units. 39,000. (a) 39000. 8000 F. (g)

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Sales

Revenue. $214,000. (b). $214000. $19000. F (h)

Variable

Expenses 86000. (c). 80000. 8000. U. (I)

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Contribution

Margin. 128000. (d). 134000. 11000 F. (j)

Fixed

Expenses. 10800. (e). 103000. 0. (k)

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Operating

Income. $20000. (f). $31000. $11000 F (l)

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Complete the performance report. Identify their employee Group that may deserve praise and the group that may be subject to criticism. Give your reasoning.