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 Variances Results 41.000 $184,950 Budget 35,500 $159.750 $25,200 F Customers served Revenue ($4.50) Expenses: Wages and salaries ($36,400+ $1.89) Supplies ($0.69) Insurance ($13,400) Miscellaneous expense ($6,400 + $0.39) Total expense Net operating income 112,600 23,850 13,850 20,100 170,400 $ 14,550 100,300 21,300 13.400 17.050 152.050 $ 7,700 12.300 2.550 450 3,050 18,350 $ 6,850 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 Results Spending Variances Flexible Budget Customers served Expenses: 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 Expenses 0 0 Total expenses Net operating income