Martin T Services socialines in wearing individual to retum. Revenis earned from computed for det. Det er for preparers is the primary cost of the company, Alma Martines, they has reced the following report to the Martinez Tax Services Performance Report For the Year Ended lune 30, 2021 Actual 550 $112,101 Budget 500 $102,600 Variances SOF $9,503 7 Number of returns 9 Service fees 10 Variable costs: 21 Direct labour 12 Supplies 13 Utilities 14 Training 15 Overhead 16 Total variable costs 17 Contribution margin 18 Fixed overhead 19 Operating income (loss) 60,302 2,013 5,225 4,499 35,805 107,844 4,257 3,100 $1,157 55,100 1,800 4,600 3,800 32,800 98,100 4,500 3,000 $1,500 5,2020 2130 5250 6990 3,005 0 9,7440 243 F 100U $3430 1. Required: > PF-2 New Reason 22 Prepare a performance report using the flexible budget approach. (11 marks) Note: You may not need to use all the blue and green highlighted cells. 30 31 32 33 34 35 36 Martinez Tax Services Flexible Budget Performance Report For the Year Ended June 30, 2021 37 Per return Actual 550 $112.101 Variances 38 Number of returns 39 Service fees 40 Variable costs: 41 Direct labour KPF-2 New Budget 500 $102,600 60,302 55,100 READY hp WE WORK BB 1 Number of refus Service fees Variable costs: Direct Labour Supplies 60,302 Utilities 2.013 Training 5,225 Overhead 3.00 46 Total variable costs 35,805 107.4 47 Contribution margin 98, 100 4,2557 48 Fixed overhead 4,900 3,100 3,000 49 Operating income (loss) $1,157 $1.500 50 51 3. Based on the performance report in part 2, does Martinez need to be concerned? Why or why not? [2 marks) 52 53 Concerned Yes 54 55 Reason 56 57 58 59 PF-2 New READY hp