Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 35,600 customers, but actually served 30,400 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $4.10q Wages and salaries: $33,800 +$1.28q Supplies: $0.68q Insurance: $11,000 Miscellaneous expenses:$7,000+$0.36q The company reported the following actual results for February: Revenue Wages and salaries Supplies Insurance Miscellaneous expense $131,800 $ 68,600 s 15,000 $ 11,000 $ 20,700 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 Revenue and Actual Results Variances Flexible Activity BudgetVaraiances Planning Budget Spending 30,400 Customers served Revenue Expenses 30,400 35,600 Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income