Engineworks 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	550,000
Gross profit .		$101,000
Operating expenses:
Fixed .	12,000
Variable .	39,500	51,500
Income from operations .		$ 49,500

Required:

Prepare a flexible budget performance report for the year using the contribution margin format.