With the Fixed and Variable cost data provided, complete a planning budget and a flexible budget. Additionally, calculate the spending variance and specify whether it is a favorable or unfavorable variance. And calculate the activity variance. Fixed Planning Variable Budget 15.000 2.50 Flexible Spending Favorable/ Budget Variance Unfavorable 17.000 Activity Variance Units Revenue Actual Results 17,000 51,000 0.60 Expenses Packaging Rent Expense Wages and Salaries Shipping Costs Utilities Other 5,000 4.500 0.52 0.25 0.10 0.05 11,050 5,500 13.000 5,100 2,600 1,500 1,290 1.000 Total expense 38.750 Net operating income 12.250