flexible budget performance report

Thomas Co. provides the following foed budget data for the year: $600,000 Sales (20,000 units) Cost of sales: Direct materials Direct labor Variable overhead Fixed overhead Gross profit Operating expenses Fixed Variable Income from operations $200,000 160.000 60,000 80,000 500,000 $100,000 S 12.000 40.000 52.000 $48.000 S651.000 The company's actual activity for the year follows Sales (21.000 units) Cost of goods sold Direct materials S231.000 Direct labor 168.000 Variable overhead 78.500 Fixed overhead 77500 Gross profit Operating expenses Fixed 12.000 Variable 5.500 Income from operations 550.000 S101.000 51.300 500 Prepare a flexible budget performance report for the year using the contribution margin format