Note that the revenues and costs in the above report are unit revenues and costs. For example, the average office expense is $266 per exchange completed on the planning budget; whereas, the average actual office expense is $233 per exchange completed. Legal and search fees is a variable cost; office expenses is a mixed cost; and equipment depreciation, rent, and insurance are fixed costs. In the planning budget, the fixed component of office expenses was $5,200. All of the company's revenues come from fees collected when an exchange is completed. Required: 1. Is the report prepared by the bookkeeper useful as a performance report? 2. Complete the performance report that would help the owner/manager assess the performance of the company in May. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Is the report prepared by the bookkeeper useful as a performance report? Yes O No Required 1 Required 2 > Complete the performance report that would help the owner/manager assess the performance of the company 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.) Exchange Corp. Flexible Budget Performance Report For the Month Ended May 31 Flexible Budget Actual Results Planning Budget Exchanges completed Revenue Expenses: Legal and search fees Office expenses Equipment depreciation Rent Insurance Total expense Net operating income