Abel Corporation uses customers served as its measure of activity. During February, the company budgeted for 36,600 customers, but actually served 27,400 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $5.10q Wages and salaries: $34,800 + $1.589 Supplies: $0.989 Insurance: $12,000 Miscellaneous expenses: $8,000 + $0.469 The company reported the following actual results for February: Revenue Wages and salaries Supplies Insurance Miscellaneous expense $ 151,800 $ 69,600 $ 16,000 $ 12,000 $ 25,700 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 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 Customers served 27,400 27,400 36,600 Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income