Revenue (Price per pizza) Cost of ingredients per pizza (1) Wages (rate per hour) (R) Salaries (S) Utilities cost (U) Rent (monthly amount) Miscellaneous (monthly amount) (M $9 Q * price per pizza 51* Q 4R*H 2,500 s 100 U + (H * 30) 1,000 R 440 M Planning budget activity for April Planning budget activity for April Actual activity for April Actual activity for April 2,440 hours 3,150 pizzas 1,920 hours 2,840 pizzas Construct a flexible budget performance report. Indicate if the variances are favorable (f), unfavorable (u), or none exist (n) in columns D and G. Revenue and Actual Spending Flexible Activity Planning Results Variances Budget Variances Budget Pizzas served 2840 Hours served 1920 $ 25,200 ? ? ? ? ? ? ? ? ? $ $ $ ? ? ? ? Revenue Expenses: Cost of ingredients Wages Salaries Utilities Rent Miscellaneous Total Expenses Net operating income 12,000 9,000 2,000 800 1,000 ? 600 ? #VALUE! ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? $ ? 25,400 (200)