Lanco Industries Flexible Budget Performance Report: Sales and Operating Expenses For the Month Ended November 30 Flexible budget Flexible Volume Actual variance Budget Variance 24,000 24000 Master Budget Output units 30,400 $ 5,400 F 225,000 $ 175,200 191,520 Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses 19,500 24,000 Operating income