ABC Corporation uses customers served as its measure of activity. During February, the company budgeted for 36,700 customers, but actually served 27,300 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served. Revenue: $5.20q Wages and salaries: $34,900+ $1.61q Supplies: $1.01q Insurance: $12,100 Miscellaneous expenses: $8,100 + $0.47q The company reported the following actual results for February Revenue Wages and salaries Supplies $153,800 $ 69,700 $ 16,100 Insurance Miscellaneous expense Required: $ 12,100 $ 26,200 4 Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Revenue and Actual Results Spending Variances Customers served 27,300 Revenue Expenses Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income Flexible Activity Budget Variances Planning Budget 27,300 36,700