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Cicchetti Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of December: Cicchetti Corporation Comparison of Actual Results to Planning Budget For the Month Ended December 31 Actual Planning Results Budget Variances Customers served 44,000 43,000 Revenue (3.609) $ 158,100 $ 154,800 $ 3,300 F Expenses: Wages and salaries ($24,300 + $1.339) Supplies ($0.739) Insurance ($6,200) Miscellaneous expense ($5,200 + $.429) 1,330 U 1,600 F 82,820 29,790 6,200 23,100 81,490 31,390 6,200 23,260 160 F Total expense 141,910 142,340 430 F Net operating income $ 16,190 $ 12,460 $ 3,730 F Required: 1. Prepare a report showing the company's revenue and spending variances for December (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero varianco).) CICCHETTI CORPORATION Revenue and Spending Variances For the Month Ended December 31 Actual Revenue and Spending Variances 44,000 Flexible Budget Customers served Ravenue 158, 1001 Expenses Wages and salarios Supplies Insurance 82.8207 29,790 6,200 23,100 141,910 16,190 Miscellaneous expense Total expenso Net operating Income $