Prepare an income statement performance report for XYZ Incorporated based on the information provided  below: (calculate FBV and SVV)

Actual Results Static Budget Sales Price 65.00$ 64.00$ 

Total Sales 1,007,500.00$ 864,000.00$

Variable Costs: Direct Materials 217,000.00$ 168,750.00$

Direct Labour 279,000.00$ 270,000.00$ 

MOH 74,400.00$ 64,800.00$

Total Variable Costs 570,400.00$ 503,550.00$ 

Fixed Costs: Salaried CEO 128,000.00$ 110,000.00$ 

Warehouse Rent 144,000.00$ 144,000.00$ 

Depreciation 82,000.00$ 83,000.00$ 

Total Fixed Costs 354,000.00$ 337,000.00$

Operating Income 83,100.00$ 23,450.00$ XYZ Incorporated