Saved 3 Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 35,600 customers, but actually served 30,400 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $4.100 Wages and salaries: $33,800+ $1.289 Supplies: $0.689 Insurance: $11,000 Miscellaneous expense: $7.000 + $0.369 The company reported the following actual results for February Revenue Wages and salaries Supplies Insurance Miscellaneous expense $131,300 $ 68,600 $ 15,000 $ 11,000 $ 20,700 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 (.e., zero variance). Input all amounts as positive values.) Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget in an 55 AM Miscellaneous ex $ 11,000 $ 20,700 Required: Prepare the company's flexible budget performance report for February, Label each variance as favorable (P) 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 Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget 30,400 30.400 35,600 Customers served Revenue Expenses Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income