performance report: Actual output was $10,000$ attach$$ cases. Assume all three direct$-$cost items above are variable costs. Requirement Is the president's pleasure justified? Prepare a revised performance report that uses a flexible budget and a static budget. or unfavourable. $($For variances with a $\backslash (\backslash$$ $0\backslash )$ balance, make sure to enter $"0"$ in the appropriate field. If the variance is zero, do not select a label.$)$Actual ResultsFlexible$-$Budget VarianceSales$-$Volume Variance Is the president's pleasure justified? The existing performance report is a analysis, based on a static budget. It makes for changes in output levels. The existing performance report shows a total direct cost variance of $\backslash (\backslash$$ $\backslash )$ The revised performance report reveals that this variance is due to the $\text{'}\backslash (]\backslash )$ in output units from the amount budgeted. The president should analyze the for each cost category to assist in identifying the causes.