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9. Squillace Corporation uses customers served as its measure of activity. During October, the company budgeted for 38,000 customers, but actually served 35,000 customers. The company has provided the following data concerning the formulas used in its budgeting and its actual results for October: Data used in budgeting: Fixed element per month Revenue..... Wages and salaries Supplies Insurance Miscellaneous Variable element per customer $3.80 $1.20 $0.60 $0.00 $0.40 $35.400 $0 $10,600 $7,200 *** Actual results for October Revenue....... ............. Wages and salaries Supplies....... Insurance Miscellaneous $130,900 $75,700 $21,300 $10,200 $23.500 Required: Prepare the company's flexible budget performance report for October (calculate both activity variances and revenue and spending variances). Label each variance as favorable (F) or unfavorable (U). Use the templates given below. Enswers: Squillace Corporation Flexible Budget Performance Report Part 1 For the Month Ended October 31 Planning Activity Budget Variances (F/U) Flexible Budget Customers served (Q Revenues ($3.800) Expenses: Wages and salaries ($35,400 + $1.200) Supplies (50.600) Insurance Miscellaneous ($7,200 + $0.400) Total expenses Net operating income Squillace Corporation Flexible Budget Performance Report Part 2 For the Month Ended October 31 Flexible Revenue & Budget Spending Variances (F/U). Actual Budget Customers served (Q Revenues ($3.800) Expenses: Wages and salaries ($35,400 + $1.200) Supplies (50.600) Insurance Miscellaneous ($7200 + $0.400) Total expenses Net operating income