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2 Question 1 (20 points) MC Corporation uses customers served as its measure of activity. During July, the company budgeted for 33,000 customers, but actually served 34,000 customers. The company has provided the following data concerning the formulas used in its budgeting and its actual results for July: Fixed element per month Variable element per customer Revenue $2.80 Wages and salaries $29,500 $0.90 Supplies $0 $0.40 Insurance $6,900 $0.00 Miscellaneous $3,800 $0.10 Actual results for July: Revenue $96,900 Wages and salaries $57,300 Supplies $14,700 Insurance $9.400 Miscellaneous $6,000 Required: 1.1 Prepare a flexible budget report for July. Label each variance (both revenue and spending variances) as favorable (F) or unfavorable (U) 1.2 Analyze the company performance in July from the flexible budget report