Arrasmith Corporation uses customers served as Its measure of activity. During February, the company budgeted for 37,000 customers, but actually served 27,000 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $5.50q Wages and salaries: $35,200+ $1.70q Supplies: $1.10q Insurance: $12,400 Miscellaneous expenses: $8,400 + $0.50q The company reported the following actual results for February. Revenue Wages and salaries Supplies Insurance Miscellaneous expense Required: $159,800 $ 70,000 $ 16,400 $ 12,400 $ 27,700 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 (l.e., zero variance). Input all amounts as positive values.) Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Revenue and Actual Spending Results Variances Customers served 27,000 Revenue $ 159,800 Expenses: Wages and salaries Supplies Insurance. Miscellaneous expense Flexible Budget Activity Variances Planning Budget: 27,000 37,000 Aramith Corporation Flexible Budget Performance Report For the Month Endod February 28 Actual Revenue and Spending Results Variances Customers served 27,000 Revenue $159,800 Expenses: Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income Flexible Activity Planning Budget Variances Budget 27,000 37,000 Prev 1 of 3 Next > MacBook Air