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 $22,400 F Cicchetti Corporation Comparison of Actual Results to Planning Budget For the Month Ended December 31 Actual Planning Results Budget Customers served 34,000 29,500 Revenue ($4.89) $164,000 $141,600 Expenses: Wages and salaries ($37,100 + $1.69) 94,600 84,300 Supplies ($0.69) 20,000 17,700 Insurance ($14, 100) 14,350 14,100 Miscellaneous expense ($7,100 + $0.49) 22,450 18,900 Total expense 151,400 135,000 Net operating income $ 12,600 $ 6,600 U 10,300 2,300 250 3,550 16,400 $ 6,000 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 2 For the Month Ended December 31 Flexible Budget Activity Variances Planning Budget Customers served Expenses: 001 Total expenses Net operating income