ABC Co. bases its budgets on the number of customers served. During April, ABC planned to serve 36,500 customers, but the actual number is 31,500 customers. Revenue is $3.93 per customer served. Utilities are $35,400 per month plus $1.33 per customer served. Salaries are $0.63 per customer served. Insurance is $9,600 per month. Repairs are $7,700 per month plus $0.33 per customer served. Required: Prepare a report showing ABC's static budget variance for April. Indicate in each case whether the variance is favorable (F). unfavorable (U), or no effect (None). Use a minus sign for any losses. ABC Co. Static Budget Variance For the Month Ended April 30 Customers served Revenue Expenses: Utilities Salaries Insurance Repairs Total expense Net operating income (loss) Flexible Planning Static Budget Variance Budget Budget 31,500 38,500