Morgans, Inc. has provided you with the following financial information:

		Budgeted		Actual
Sales Quantity		6,000		6,200
Sales price per unit		$6		$5.75
Variable product cost per unit		2		2.25
Selling expense (fixed)		3,000		6,000
Administrative expense (fixed)		15,000		14,000
Income tax expense		180		200

Prepare a performance report for the period in good form.

Prepare a performance report for the period in good form. MORGAN'S, INC. Performance Report Static Budget Actual Variance $ $ $ Cost of Goods Sold Selling Expense Sales Revenue Income Before Taxes Contribution Margin Selling Income Administrative Expenses Net Income/Loss $ $ $ Income Tax Expense Gross Profit/Loss e Textbook and Media