AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Fixed Variable Component Component per Actual Total per Month Job for February Revenue $ 278 $ 38,950 Technician wages $ 8,300 $ 8,150 Mobile lab operating expenses $ 4,600 $ 34 $ 9,540 Office expenses $ 2,800 $ 4 $ 3,250 Advertising expenses Insurance $ 1,590 $ 2,870 $ 1,660 Miscellaneous expenses $ 960 $ 2 $ 2,870 $ 565 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,600 plus $34 per job, and the actual mobile lab operating expenses for February were $9,540. The company expected to work 150 jobs in February, but actually worked 158 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. Note: 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. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. Note: 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. AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Jobs Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget 158 $ 38,950 Revenue Expenses: Technician wages 8,150 Mobile lab operating expenses 9,540 Office expenses 3,250 Advertising expenses 1,660 Insurance 2,870 Miscellaneous expenses Total expense Net operating income 565 26,035 $ 12,915