Crovo Corporation uses customers served as its measure of activity. During December, the company budgeted for 38,000 customers, but actually served 40,000 customers. The company has provided the following data concerning the formulas used in its budgeting and its actual results for December:
Data used in budgeting:
Actual results for December:
Prepare a report showing the company's revenue and spending variances for December. Label each variance as favorable (F) or unfavorable (U).