3. Cyril Figgis Accounting uses client visits as its measure of activity. During May the firm budgeted for 700 client visits, but its actual level of activity was 692 client visits. The firm has provided the following data concerning the formulas used in its budgeting process and the actual results for May. Data used in budgeting: Revenue: $220.00 per visit Fixed cost per month Variable cost per client visit Expenses: Salaries and wages expense Office supplies Occupancy expenses Administrative expenses Total expenses $40,000 2,000 8,000 6,000 $66,000 $75.00 20.00 10.00 2.50 $107.50 Actual results for March: Revenue Salaries and wages expense Office supplies Occupancy expenses Administrative expenses $150,000 91,500 18,500 13,213 7,058 a. Prepare planning budget. b. Prepare the flexible budget. C. Compute the spending variances and indicate if they are favorable or unfavorable. d. Compute the activity variances and indicate if the variances are favorable or unfavorable