E23-16 Preparing a flexible budget performance report Cole Pro Company managers received the following incomplete performance report: Static Budget COLE PRO COMPANY Flexible Budget Performance Report For the Year Ended July 31, 2016 Flexible Sales Actual Budget Flexible Volume Results Variance Budget Variance 39,000 39,000 8,000 F $ 214,000 (b) $ 214,000 $ 19,000 F 86,000 (c) 80,000 8,000 U 128,000 134,000 11,000 F 108,000 103,000 0 $ 20,000 $ 31,000 $11,000 F Units Sales Revenue Variable Expenses Contribution Margin Fixed Expenses Operating Income (h) 0 Complete the performance report. Identify the employee group that may deserve praise and the group that may be subject to criticism. Give your reasoning