The following performance report for the year ended 31 March 2020 of Billy Building Company Limited was available Budget S000 Actual S'000 Variance S'000 52,800 61,600 8.800 Sales Less: Cost of goods sold Direct materials Direct labour Production overheads - Fixed Production overheads - Variable Gross profit Selling overheads - Fixed Selling overheads - Variable Net profit (4.800) (2,400) (8,000) (9,600) 28,000 (6,000) (7.200) 14,800 (5,760) (3,000) (8,800) (12,000) 32,040 (5,600) (8,800) 17,640 (960) (600) (800) (2,400) 4,040 400 (1.600) 2.840 Other information: The above budget figures were based on budgeted output of 60,000 units, but the actual output was 80,000 units. Required: a. Revise the performance report for Billy Building Company Limited for the year ended 31 March 2020 in a flexible budgeting format showing also whether each of the variances is F (Favourable) or A (Adverse)