Abel Corporation uses customers served as its measure of activity. During February, the company budgeted for 36,500 customers, but actually served 27500 customers. The company uses the following revenue and cost formulas in its budgeting, where is the number of customers served: Revenue: $5.00 Wages and salaries: $34,700 - $1.559 Supplies: $0.959 Insurance: $11,900 Miscellaneous expenses: $7,900 + $0.459 The company reported the following actual results for February: Revenue Wages and salaries Supplies Insurance Miscellanes $149,800 $ 69,500 $ 15,989 $ 11,900 $ 25,200 Required: 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 (.e., zero variance). Input all amounts as positive values.) Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget Revenue Wages and salaries Supplies Insurance Miscellaneous expense $149,800 $ 69,500 $ 15,900 $ 11,900 $ 25,200 Required: 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 os positive values.) Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget Customers served Revenue 27,500 27.500 36.500 Expenses Wages and salanes Supplies Insurance Miscellaneous expense Total expense Net operating income