(15(17 marks) Company 2 uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of November: Company Z Comparison of Actual Results to Planning Budget For the Month Ended November 30 Actual Results Planning Budget Variances Customers served 45,000 44,000 Revenue ($3.50q) $157,200 $154,000 $3,200 F Expenses: Company 2 Wages and salaries ($24,400 + $1.340) 84,700 83,360 1,340 U Supplies (50.7401) 30,860 32,550 1,700 F Insurance ($6,300) 6,300 6,300 0 None Miscellaneous expense ($5,300 + $0.43q) 22,520 24,220 1,700 F Total expense 144,380 146,440 2,060 F Net operating income 5 12,820 5 7,560 5 5,260 F Required: a. (11 marks) Prepare the company's flexible budget performance report for November. Label each variance as favorable (F) or unfavorable (U). b. (6 marks) "The principal purpose of the cash budget is to see how much cash the company will have in the bank at the end of the year." Do you agree? Explain