Abel Corporation uses customers served as its measure of activity. During February, the company budgeted for 36,000 customers, but actually served 28,000 customers. The company uses the following revenue and cost formulas in its budgeting, where is the number of customers served: Revenue: $4.50q Wages and salaries: $34,200 + $1.40q Supplies: $0.809 Insurance: $11,400 Miscellaneous expenses: $7,400 + $0.409 The company reported the following actual results for February Revenue Wages and salaries Supplies Insurance Miscellaneous expense $139,800 $ 69,000 $ 15,400 $ 11,400 $ 22,700 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 (.e., zero variance). Input all amounts as positive values.) 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 28,000 28,000 36,000 Customers served Revenue Expenses Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income