In March, a devastating ice storm struck Motroe County. New York, catising min thisti of doilaty of $653.000 of additional labor and maintenance costs were incurred to clean top thic muscey, remoht and replace damaged plants, repair fencing, and replace glass troken whet neanty tee litmbs fell to soine of the greenhiouses. Mathews \& Peat is a wholly owned subsidiary of Agro inc, an international agriculturat cos glomerate. The manager of Mathews \& Peat. R. Dye, is reviewing the operaling performance of the subsidiary for the year. Here are the results for the year as compared with budget After thinking about how to present the performance of M&P for the year, Dye decides to trat out the costs of the ice storm from the individual items affected by it and report the storm separishy. The total cost of the ice storm, $653,000, consists of additional labor costs of $320,000, additionel materials of $220,000, and additional occupancy costs of $113,000. These amounts are net of the insurance payments received duc to the storm. The alternative performance statement follows: Required: a. Put yourself in Dye's position and write a short, concise cover memo for the second operating statement summarizing the essential points you want to communicate to your superiors. b. Critically evaluate the differences between the two performance reports as presented