Required: 1. Is the report prepared by the bookkeeper useful as a performance report? O Yes O No 2. Complete a 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 Revenue and Spending Flexible Activity Variances Variances Budget Planning Actual Results Budget Exchanges completed 20 25 20 590 Revenue Expenses Legal and search fees 209 196 Office expenses Equipment depreciation 24 Rent 12 Insurance Total expense 501 S 89 S 0 0 Net operating income