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 $14,150 Cicchetti Corporation Comparison of Actual Results to Planning Budget For the Month Ended December 31 Retual Planning Results Budget Customers served 45,000 42,000 Revenue ($4.59) $203, 150 $189.000 Expenses Wages and salaries ($36,800 + $1.89) 120,600 112,400 Supplies (50.89) 35,050 33,600 Insurance ($13,500) 13,900 13,800 Miscellaneous expense (56,800 + $0.49) 26,400 23,600 Total expense 195,950 183,400 Not operating income $ 7,200 $ 5,600 U U 8.200 1.450 100 2,800 12,550 $ 1,600 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 Results Revenue and Spending Variances Flexible 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