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Question 2 . Performance Report You are required to: Calculate the difference, if any, between Actual and Budgt results Consider each variance and describe whether

Question 2. Performance Report
You are required to:
Calculate the difference, if any, between Actual and Budgt results
Consider each variance and describe whether each variance is favorable or unfavorable
Calculate each variance as a% of budget.
\table[[Income/expense,\table[[Budget],[$]],\table[[Actual],[S]],Variance,\table[[Favorable or],[Unfavorable]],\table[[Variance as a],[% of budget]]],[Sales,640000,655000,,,],[,,,,,],[Less Variable costs,,,,,],[Cost of sales,458000,494500,,,],[\table[[Delivery and Installation],[costs]],19200,13100,,,],[Sales commissions,12800,16375,,,],[TOTAL VARIABLE,490000,523975,,,],[Less Fixed costs,,,,,],[Advertising,5200,5500,,,],[Energy,2800,3200,,,],[Insurance,2400,2400,,,],[Office supplies,6700,3300,,,],[Printing & stationery,15600,15600,,,],[Rent,50000,52500,,,],[Salaries,85700,88000,,,],[TOTAL FIXED,575700,611975,,,],[TOTAL COSTS,64300,43025,,,],[NET INCOME,,,,,]]
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