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 F Cicchetti Corporation Comparison of Actual Results to Planning Budget For the Month Ended December 31 Actual Planning Results Budget Customer 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 ($0.89) 35,050 33,600 Insurance ($13, 800) 13,900 13,800 Miscellaneous expense ($6,800 + $0.49) 26,400 23,600 Total expense 195,950 183,400 $ 7,200 $5.600 Net operating income 8,200 1,450 100 2,800 12.550 $ 1.600 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 Results Revenue and Spending Variances Flexible Budget 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 Flexible Spending Variances Budget 45,000 45,000 $203,150 Customers served Revenue Expenses Wages and salaries Supplies insurance Miscellaneous expense 0 Total expenses Net operating income 0 0 0 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 Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous expense Total expenses Net operating income