TB Problem Qu. 10-287 Cicchetti Corporation uses customers... Cicchetti Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of December Cicchetti Corporation Comparison of Actual Results to Planning Budget For the Month Ended December 31 Actual Planning Results Budget Variances Customers served 38,000 34.000 Revenue (54.60) $175,100 $156,400 $18,700 F Expenses: Wages and salaries (538,100+ 1.49) 91,400 83,700 7.700 U Supplies ($0.79) 26,000 23,800 Insurance ($13.100) 13,400 13,100 300 U Miscellaneous expense (58.100 = $0.40) 22,550 19,700 2.850 V Total expense 153,360 140.300 13.050 U Net operating income $ 21,750 S 16,100 $ 5,650 F Required: Prepare the company's flexible budget performance report for December. Select each variance as favorable (F). unfavorable (U) or "None Cicchetti Corporation Flexible Budget Performance Report Part 1 For the Month Ended December 31 Actual Results Revenue and Spending Variances Flexible Budget Customers served Expenses: Total expenses Net operating income Cicchetti Corporation Flexible Budget Performance Report Part 2 For the Month Ended December 31 Flexible Activity Variances Budget Planning Budget Customers served Expenses: Total expenses Net operating income