TRUECARE Consultancy organizes seminars for small and medium-sized businesses for the East Coast area. The seminars are run on premises which are rented especially for conducting of seminar only. The seminars are presented by freelance expert speakers. Each seminar is of standard type and therefore be treated alike for budgetary control purposes. Currently, TRUECARE uses fixed budgets to control expenditure. The following data shows the actual costs of the seminar's activities for the month of December 2020, compared to the budgeted figures. Seminar Activities December 2020 Number of seminars conducted Actual 10 seminars Budget 12 seminars Variances 2 seminars Expenditures: Speaker's fee 5,000 6,360 1,360 Rental of premises 3,000 3,000 Depreciation of equipment 400 360 (40) Stationery 1,060 1.200 1401 Catering 3,000 3,500 500 Insurance 1,400 1,640 240 Administration 3,300 3,240 (60) You have recently started to work as the assistant management accountant for TRUECARE Consultancy. In a meeting with the training manager, he expressed some doubt about the usefulness of the above statement in providing control information on the seminar's activities. Since he has heard about the flexible budget from his business associate, he become very interested in the possibility of using flexible budgets to control the seminars activities. As an assistant to the management accountant, you spent some time analysing the behaviour patterns to the costs incurred in conducting of seminars. Your findings are summarized as follows: i. Depreciation of equipment is a fixed cost ii. Administration is a fixed cost The budget figures for the catering costs and insurance costs include a fixed element as follows: -Catering RM500 -Insurance RM200 Required: a) Based on the information provided, prepare a flexible budget performance report based on the actual number of seminars held for the month of Dec 2020. Clearly showing the amount of variance arose