Assignment-Using the spreadsheet below; Compile a Performance Report (Activity Variance and a Revenue and Spending Variance) for Larrys Lawn Service Identify and Comment on possible problem areas by examining the performance report

Larry's Lawn Service For the Month Ended June 30 Revenue/Cost Planning Budget Actual Results Formulas Number of lawns (Q) Revenue Expenses: 500 550 ($75Q) $ 37,500 43,000 Wages and salaries Gasoline and supplies ($9Q) Equipment maintenance ($3Q) Office and shop utilities ($1,000) Office and shop rent Equipment Depreciation ($2,500) Insurance ($5,000 + $30Q) $20,000 4,500 1,500 1,000 2,000 2,500 1,000 32,500 $5,000 23,500 5,100 1,300 950 2,000 2,500 1,200 36,550 $6,450 ($2,000) ($1,000) Total expenses Net operating income