Answer Happy

Consider the performance report created below for Kanika's Gem Store business: Kanika's Gem Store For the Month of December 2021 BUDGET ACTUAL Cash Inflows Diamond Sales $230,000 $210,000 Ruby Sales $32,500 $33,100 Opal Sales $219,560 $350,000 $482,060 $593,100 TOTAL CASH INFLOWS Cash Outflows $96,000 $82,000 Inventory Purchases Shop Rent $17,500 $17,500 Salaries $245,000 $275,000 Electricity $5,400 $5,200 Insurance $1,000 $1,000 $364,900 $380,700 TOTAL CASH OUTFLOWS
Salaries $245,000 $275,000 Electricity $5,400 $5,200 Insurance $1,000 $1,000 $364,900 $380,700 TOTAL CASH OUTFLOWS NET CASH FLOW $117,160 $212,400 Question: Discuss the performance of Kanika's Gem Store in the Month of December. How did the business perform? Your answer must include some evidence of variance analysis, to support your conclusions, and include the variance analysis in your submission. (6 marks)