5 2012023 Tranquil Holidays Corporation provides vacation planning services to clients, and they measure their activity based on the number of clients served. During 2021, Tranquil Holidays had budgeted that they would serve 37,000 clients, but actually planned vacations for 27,000 clients. In their budgeting activities, Tranquil has determined that the following revenue and cost formulas are appropriate. where x represents the number of clients served: Revenue: $5.50x Wages and salaries: $35,200+ $1.70x Supplies: $1.10x Insurance: $12,400 Miscellaneous expenses: $8,400 + $0.50x Tranquil Holidays Corporation reported the following actual results for 2021 Revenue Wages and salaries $159,000 $70,000 Bupplies Insurance Miscellaneous expense Required: $ 16,400 12,400) $27,700 Prepare Tranquil Holiday Corporations's flexible budget performance report for 2021. Indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there was no variance. Record all amounts and variances as positive values.) Flexible Budget Performance Report For the Month Ended February 28 Actual Revenue and Spending Results Variances Clients served 27,000 Revenue Expenses: Wages and salaries - Supplies Flexible Budget Activity Variances Planning Budget 27,000 37,000