EXERCISE 10-16. Performance Report [LO 2, 3] At the start of 2018, the New Orleans Fine Food Company budgeted before-tax income as follows: Sales $550,000 Less: Material cost $100,000 Labor cost 220,000 Owner's salary 65,000 Rent 55,000 Depreciation 45,000 Utilities 22,000 507,000 Income before taxes $ 43,000 $660,000 Actual before tax income for 2018 was: Sales Less: Material cost Labor cost Owner's salary Rent Depreciation Utilities Income before taxes $130,000 285,000 65,750 55,000 45,200 21,000 601,950 $ 58,050 REQUIRED Florence Roden, the owner of the company, is pleased that sales were much higher than planned, but she also is concerned that expenses were $94,950 higher than the amounts she budgeted. Should she be concerned with the level of actual expenses? Prepare a performance report that will help her focus on areas needing attention