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 Planning Budget 35,500 $159,750 $25,200 F Cicchetti Corporation Comparison of Actual Results to Planning Budget For the Month Ended December 31 Actual Results Customers served 41,000 Revenue ($4.59) $184,950 Expenses: Wages and salaries ($36,400 + $1.89) 112,600 Supplies ($0.69) 23,850 Insurance ($13,400) 13,850 Miscellaneous expense ($6,400 + $0.39) 20,100 Total expense 170,400 Net operating income $ 14,550 100,300 21,300 13,400 17,050 152,050 7,700 12,300 2,550 450 3,050 18,350 S 6,850 U U U U U F S 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 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