K&B is a small management consulting firm. Last month, the firm billed fewer hours than expected, and, as expected, profits were lower than anticipated. Reported Income Master Statement Budget 9,050 $671,000 $811,000 400,500 Other variable costs (e.g., supplies, computer services) 98,100 120,100 200,200 $ 26,900 90,200 7,210 340,500 205,500 Billable hours Revenue Professional salaries (all variable) Fixed costs Profit aThese are hours billed to clients. They are fewer than the number of hours worked because there is nonbillable time (e.g., slack periods, time in training sessions) and because some time worked for clients is not charged to them. Required Prepare a profit variance analysis for K&B. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Master Actual (7,210 Cost Variances Variances Budget Price Flexible Sales Activity Budget (9,050 hrs.) hrs 811,000 400,500 120,100 200,200 Revenue Professional salariesS 671,000 340,500 Other variable 98,100 costs Fixed costs 205,500 $90,200 Profit 26,900