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 Budgnt For the Month Noded December 31 Actual Resulta Budget Variances Cuntomer served 40,000 37,000 Revenue (55.10) $205, 100 6189,700 016,400 7 Expenses Wages and salaries (637,700 61.63 105,400 96.900 8,500 supplies (0.8) 31,300 29,600 1.700 Insurance ($14,700) 15,250 14,700 550 U Miscellaneous expense (07,700+ 0.60) 33.750 22.000 3.050 Total expense 185,200 171.100 10.600 U Het operating Income $ 19,400 $ 17,600 $1,800 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 2 For the Month Ended December 31 Flexible Budget Activity Variances Planning ENdget Customers served Revenue Expenses: 0 0 0 Total expenses Net operating income