The Sioux Indian tribe sells fireworks for the 5 weeks preceding July 4. The tribe's stand on Highway 101 near Hoodsport had budgeted sales of $77,000. Expected expenses were as follows

The Sioux Indian tribe sells fireworks for the 5 weeks preceding July 4. The tribe's stand on Highway 101 near Hoodsport had budgeted sales of $77,000. Expected expenses were as follows Actual sales were $76,700, almost equal to the budget. The tribe spent 538,500 for fireworks, $13,100 for labor, and 56,920 for other costs. Requirements 1 Compute budgeted profit and actual profit 2. Prepare a performance report to help identify those costs that were significantly different from the budget 3. Suppose the tribe uses a management-by-exception rule. What costs deserve further explanation? Why? (Click the icon to view the budget data ) 513,100 for labor, and S6,920 for o Requirements 1 and 2. Compute budgeted profit and actual profit. Prepare a performance report to help identify those costs that were significantly different from the budget Start first by computing the budgeted profit and actual profit by filling in the first portion of the performance report. Next, complete the performance report by calculating the variances. (Label each variance as favorable (F) or unfavorable (U).) Budget Data Table Actual Sales Costs: Cost of fireworks Labor cos Other costs Total costs 39,000 10,000 7,000 56,000 Fireworks Labor Enter any number in the edit fields and then click Check