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Please answer ASAP! Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 36,500 customers, but actually served 27,500

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Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 36,500 customers, but actually served 27,500 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $5.00 Wages and salaries: $34,700 + $1.550 Supplies: $0.959 Insurance: $11,900 Miscellaneous expenses: $7,900 + $0.45q The company reported the following actual results for February Revenue Wages and salaries Supplies Insurance Miscellaneous expense $149,800 $ 69,500 $ 15,900 $ 11,900 $ 25,200 Required: Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (U). (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.) Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Revenue and Actual Flexible Spending Results Budget Variances 27,500 27,500 Activity Variances Planning Budget Customers served 36,500 Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income

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