Kentford Associates is a small professional services firm. Last month, Kentford billed more hours than expected and profits reflected this. Billable hoursa Revenue Professional salaries (all variable) Other variable costs (e.g., supplies, computer services) Fixed costs Profit Reported Income Statement 5,815 Master Budget 5,410 $ 1,144,000 524,000 162,000 260,000 $ 1,100,000 505,000 145,000 280,000 $ 198,000 $ 170,000 These 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 Kentford Associates. Note: Do not round Intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Revenue Professional salaries Other variable costs Fixed costs Profit Actual (5,815 hours) Cost Variances Price Variances Flexible Budget (5,815 hours) Master Sales Activity Variance $1,144,000 Budget (5,410 hours) $ 1,100,000 524,000 505,000 162,000 145,000 260,000 $ 198,000 280,000 $ 0 $ 170,000