2) Cautela Clinic uses patient-visits as its measure of activity. The following report compares the planning budget to the actual operating results for the month of May: Cautela Clinic Comparison of Actual Results to Planning Budget For the Month Ended May 31 Planning Actual Results Budget Variances Patient-visits (9 3.700 3.600 Revenue (529.000 102,370 104,400 2,0304 Expenses: Personnel expenses ($29,400 + $8.30q) 62.870 59,280 3.59 Medical supplies ($1,200 $5.609) 20.940 21,360 Occupancy expenses ($6,000+ $0.909) 8,940 9,240 300 H Administrative expenses (53,600 + $0.109) 4,100 3,960 1400 Total expense 96,850 93,840 3.010 Net operating income 5.520 10.560 5.0404 4200 ] Required: Prepare the clinic's flexible budget performance report for May. Label each variance as favorable (F) or unfavorable (U). Actual Flexible Variances 3.700 S102,370 62,870 20.940 8,940 4.100 96,850 5,520 Patient-visits (9) Revenue ($29.000) Expenses Personnel expenses ($29,400 + $8.309) Medical supplies ($1.200 + $5.609) Occupancy expenses ($6,000+ $0.904) Administrative expenses ($3,600 + $0.109) Total expense Net operating income