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AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February Fixed Component per Month Variable Component per Job 33 Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses $ 8,10 $ 4,900 $ 2.600 $ 1,59e $ 2.860 $ 938 Actual Total for February $ 27,940 $ 7.95 $ 8,370 $ 2.789 $ 1.660 $ 2,860 $ 345 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4.900 plus $33 per job, and the actual mobile lab operating expenses for February were $8,370. The company expected to work 110 jobs in February, but actually worked 114 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Revenue and flexible Results Spending Variances Budget 114 Activity Variances Planning Budget 114 $ 27,940 V F T None Revenue Expenses: Technician wages Moble lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Total expense Net operating income s F T 7.950 8,370 2,780 1,660 2,860 345 23,965 3.975 None F F None None U 9 Homework Milano Pirts is a small neighborhood pinteria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria's owner has determined that the shop has two major cost drivers--the number of pizzas sold and the number of deliveries made The pizzeria's cost formulas appear below: Cost per cost per Fixed cost per month Ingredients Kitchen sta Utilities Delivery person Delivery vece t depreciation E Miscellaneous In November, the pizzeria budgeted for 1530 pizzas at an average selling price of $14 per pizza and for 210 deliveries Data concerning the p erio's actual results in November appear below Results 2. Pizza ingredients kitchen staff Delivery person Delivery vehicle Equipment depreciation Required: 1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November (Indicate the effect of each variance by selecting "Ffor favorable. "U" for unfavorable, and "None" for no effecte. Dere variance Input all amounts as positive values.) Milano Piana for the More Ended M embers 1630 TTTTT T 570 Delivery person Delivery vehicle Equipment depreciation Exchange Corp. is a company that acts as a facilitator in tax-favored real estate swaps. Such was, know as 1031 exchanges, permit participants to avoid some or all of the capital gains taxes that would otherwise be due. The bookkeeper for the company has been asked to prepare a report for the company to help its ownermanager analyze performance. The first such report appears below. Exchange Corp Malysis of Revenues and costs For the Month Ended May 31 Planning Budget Unit Revenues Revenues and Exchanges completed Legal and search fees Office expenses Equipent depreciation 513 Total expense et operating income Note that the revenues and costs in the above report are un revenues and costs. For example, the average office expense is $239 per exchange completed on the planning budget, whereas, the average actual office expense is $196 per exchange completed Legal and search fees is a variable cost office expenses is a mixed cost and equipment depreciation, rent, and insurance are fixed costs. In the planning budget, the fixed component of office expenses was $4.600 All of the company's revenues come from fees collected when an exchange is completed Required: 1. is the report prepared by the bookkeeper useful as a performance report? 2. Complete the performance report that would help the owner manager assess the performance of the company in May Complete this question by entering your answers in the tabs bele Required 1 Required 2 Complete the performance report that would help the owner/manager assess the performance of the company in May. Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and None" for n e c le variance). Input all amounts as positive values.) Pembe Budget Performance Report For the Month Ended May 31 Fleet Actual Results Depreciation