Thomas Co. provides the following fixed budget data for the year: Sales (20.000 units) $600,000 Cost of sales: Direct materials $200.000 Direct labor 160.000 Variable overhead 60.000 Fixed overhead 80.000 500.000 Gross profit $100,000 Operating expenses: Fixed $ 12.000 Variable 40.000 52.000 Income from operations $ 48,000 The company's actual activity for the year follows: Sales (21.000 units) $651.000 Cost of goods sold: Direct materials $231.000 Direct labor 168,000 Variable overhead 73,500 Fixed overhead 77.500 $50.000 Gross profit $101.000 Operating expenses Fixed 12.000 Variable 39.500 51.500 Income from operations $ 49.500 Prepare a flexible budget performance report for the year using the contribution margin format