Prepare a flexible budget performance report showing both the company's activity variances and spending variances for the theatre season. Label each variance as favorable (F) or unfavorable (U).

The LWT IS MOUF Theatre Flexible Budget Performance Report 2019 Season Actual Results Spending Variance Flexible Budget Activity Variance Static Planning Budget Production Performances Director & actor wages Stagehands wages Ticket Booth & usher wages Scenery, costumes & props Theatre hall rent Printed programs Publicity Administrative expenses Total expenses (See the Performance Report Daily Activity) The Children's Hour Theatre is a local nonprofit organization that stages plays for children while allowing individuals who aspire to work in theatre an opportunity to try the craft. The theatre has a small administrative staff and the directors and actors are paid a fee for each performance which includes rehearsals. The Children's Hour Theatre has planned five different productions with a total of 90 performances for this season. One of the classics presented is Peter and the Wolf. The theatre receives grants from donors to cover short falls from the discounted ticket prices that it charges Therefore, the theatre only budgets its costs for each season. Some of the costs vary with the number of productions, some with the number of performances and some are fixed. Fixed element Variable element Variable element Per season Per Production Per Performance $0 Director & Actor wages Stagehands wages Ticket Booth & usher wages Scenery, costumes & props Theater hall rent Printed programs Publicity Administrative expenses $2,175 $285 $120 $0 $500 $235 $0 $100 $20,500 $0 $0 $825 $700 SO $2,500 $14,000 During the season, the theatre increased its productions to 6 and the performances to 120. The theatre's actual costs for the season are listed below: The Children's Hour Theatre Actual Costs 2019 Season Director & Actor wages Stagehands wages Ticket Booth & usher wages Scenery, costumes & props Theatre hall rent Printed programs Publicity Administrative expenses Total Expenses $ 260,250 34,500 14,800 120.900 60.000 28,060 7,535 31.245 $ 557.290 Required: Prepare a flexible budget performance report showing both the company's activity variances and spending variances for the theatre season. Label each variance as favorable (F) or unfavorable (U)