10 points Pie Guys Pizzeria is owned and operated by three brothers. Data concerning the pizzeria's monthly revenues and costs appear below (q refers to the number of pizzas served): * Formula Revenue Cost of ingredients Rent Utilities Wages $13.50 $6.500 $1,250 $700 + $0.59 $59 Required: (a) Prepare the pizzeria's planning budget for July 2021 assuming that 1,500 pizzas are served. (2 marks) (b) Assume that 1,600 pizzas were served in July 2021. Prepare a flexible budget for this level of activity. (2 marks) (c) Actual results for July appear below. Prepare a flexible budget performance report for the pizzeria for July 2021. (2 marks) Revenue Cost of ingredients Rent Utilities Wages $20,000 12,800 1,000 1,700 9,750 (d) Explain the possible reasons for the favorable and unfavorable variances identified in the performance report. (For example, Due to Pandemic situation rent has been decreased, and imported ingredients cost has increased due to less supply) (4 marks)