Cooper Hospital uses patient-visits as its measure of activity. During May, the hospital budgeted for 2,700 patient-visits, but its actual level of activity was 3,200 patient-visits. The clinic uses the following revenue and cost formulas in its budgeting, where q is the number of patient-visits: Revenue: $49.60q Personnel expenses: $31,200+ $15.10q Medical supplies: $700+ $9.60q Occupancy expenses: $10,000+ $2.00q Administrative expenses: $7,000+ $0.20q Required: (1). Prepare the hospital's (a). Planning budget and (b) Flexible budget for May; and (c) calculate activity variance. Label each variance as favorable (F) or unfavorable (U) (2). The hospital reported the following actual results for May: Revenue Personnel expenses Medical supplies Occupancy expenses Administrative expenses $165,680 $76,190 $31,790 $15,960 $7,600 Prepare report for revenue variance and spending variances. Label each variance as favorable (F) or unfavorable (U)