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In: AccountingCicchetti Corporation uses customers served as its measure ofactivity. The following report compares the planning...Cicchetti Corporation uses customers served as its measure ofactivity. The following report compares the planning budget to theactual operating results for the month of December:CicchettiCorporationComparison of Actual Results to Planning BudgetFor the Month Ended December 31ActualResultsPlanningBudgetVariancesCustomers served38,00034,000Revenue ($4.6q)$175,100$156,400$18,700FExpenses:Wages and salaries($36,100 + $1.4q)91,40083,7007,700USupplies ($0.7q)26,00023,8002,200UInsurance($13,100)13,40013,100300UMiscellaneous expense($6,100 + $0.4q)22,55019,7002,850UTotal expense153,350140,30013,050UNet operatingincome$21,750$16,100$5,650FRequired:Prepare the company's flexible budget performance report forDecember. Select each variance as favorable (F), unfavorable (U) or"None".Cicchetti CorporationFlexible Budget Performance Report Part 1For the Month Ended December 31Actual ResultsRevenue and Spending VariancesFlexible BudgetCustomersservedExpenses:Totalexpenses000Net operating incomeCicchetti CorporationFlexible Budget Performance Report Part 2For the Month Ended December 31Flexible BudgetActivity VariancesPlanning BudgetCustomersservedExpenses:Totalexpenses000Net operating income