Cicchetti Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of December Cicchetti Corporation Comparison of Actual Results to Planning Budget For the Month Ended December 31 Actual Planning Results Budget Variances Customers served 46,000 45,000 Revenue (3.600) $ 165,300 $ 162,000 $ 3,300 F Expenses Wages and salaries ($24,500+ $1.359) Supplies ($0.750) Insurance ($6,400) Miscellaneous expense ($5,400 + $.444) 86,600 31,950 6,400 23.400 85,250 33,750 6,400 25,200 1,350 U 1,800 F 0 1,800 F Total expense 148,350 150,600 2,250 F Net operating income $ 16,950 $ 11,400 $ 5,550 F Required: 1.Prepare a report showing the company's revenue and spending variances for December (indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.o., zero varianco).) CICCHETTI CORPORATION Required: 1. Prepare a report showing the company's revenue and spending variances for December (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.o., zero variance).) CICCHETTI CORPORATION Revenue and Spending Variances For the Month Ended December 31 Actual Revenue and Spending Results Variances 46,000 Flexible Budget Customers served $ 165,300 Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income 86,600 31,950 6,400 23,400 148,350 16,950 $