Output units Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses Operating income Flexible Budget Performance Report: Sales and Operating Expenses For the Month Ended June 30 Flexible budget Actual 29,000 $ 246,500 $ 194,300 Nanco Industries 16,000 variance 5,800 F Flexible Budget Volume Variance www CHANG $ Master Budget 31,500 195,300 21,000

Nanco Industries Flexible Budget Performance Report: Sales and Operating Expenses