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: Variances $18,900 F Cicchetti Corporation Comparison of Actual Results to Planning Budget For the Month Ended December 31 Actual Planning Results Budget Customers served 32,000 28,500 Revenue ($5.29) $167, 100 $ 148,200 Expenses: Wages and salaries ($36,900 + $1.49) 84,600 76,800 Supplies ($0.89) 25, 300 22,800 Insurance ($13, 900) 14,050 13,900 Miscellaneous expense ($6,900 + $0.5g) 24,550 21,150 Total expense 148,500 134,650 Net operating income $ 18,600 $ 13,550 7,800 2,500 150 3,400 13,850 $ 5,050 U U U U U F Required: Prepare the company's flexible budget performance report for December. Select each variance as favorable (F), unfavorable (U) or "None". Cicchetti Corporation Flexible Budget Performance Report Part 1 For the Month Ended December 31 Actual Revenue and Flexible Results Spending Variances Budget Customers served Expenses Total expenses Net operating income Cicchetti Corporation Flexible Budget Performance Report Part 2 For the Month Ended December 31 Flexible Budget Activity Variances Planning Budget Customers served Expenses Total expenses Net operating income