Exercise 9-8 Flexible Budgets and Activity Variances [LO9-1, LO9-2] Jake's Roof Repair has provided the following data concerning its costs Fixed Cost per Month $21,200 Cost per Repair- Hour Wages and salaries Parts and supplies Equipment $15.00 $ 7.70 $ 0.30 $ 2,750 $5,730 $ 4,700 $ 3,870 depreciation Truck operating $1.50 expenses Rent Administrative 0.70 expenses For example, wages and salaries should be $21,200 plus $15.00 per repair-hour. The company expected to work 2,800 repair-hours in May, but actually worked 2,700 repair hours. The company expects its sales to be $48.00 per repair-hour. Required Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Planning Budget Flexible Budget Activity Variances Repair-hours Revenue Expenses Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net operating income