Exchange Corp. is a company that acts as a facilitator in tax-favored real estate swaps. Such swaps, know as 1031 exchanges, permit participants to avoid some or all of the capital gains taxes that would otherwise be due. The bookkeeper for the company has been asked to prepare, a report for the company to help its owner/manager analyze performance. The first such report appears below:

Exchange Corp. Analysis of Revenues and Costs For the Month Ended May 31 Planning Budget Actual Unit Unit Revenues Revenues and and Costs Costs Variances Exchanges completed 30 25 Revenue $ 635 $ 710 $75 U Expenses : Legal and search fees 257 235 22 U office expenses 225 257 32 F Equipment depreciation 25 30 5 F Rent 75 90 15 F Insurance 15 18 3 F Total expense 597 630 33 F Net operating income $ 38 $ 80 $42 UComplete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the performance report that would help the owner/manager assess the performance of the company:r in May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and \"None" for no effect (i.e., zero variance). Input all amounts as positive values.) Exchanges completed Revenue Expenses: Legal and search fees omce expenses Equipment depreciation Insurance Total expense Net operating income