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 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 Revenue and Spending Flexible Variances Budget Actual Results Activity Variances Planning Budget 40 Exchanges completed 50 50 $ 19,250 U U $ 19.750 F 8,250 Revenue Expenses: Legal and search fees Office expenses Equipment depreciation Rent 9,200 5,600 400 1,800 200 U U None 400 U U None None None U U 1,800 200 400 1,800 200 Insurance Total expense Net operating income None None U F 17,200 2,050 $ 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 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 Revenue and Spending Flexible Variances Budget Actual Results Activity Variances Planning Budget 40 Exchanges completed 50 50 $ 19,250 U U $ 19.750 F 8,250 Revenue Expenses: Legal and search fees Office expenses Equipment depreciation Rent 9,200 5,600 400 1,800 200 U U None 400 U U None None None U U 1,800 200 400 1,800 200 Insurance Total expense Net operating income None None U F 17,200 2,050 $