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: 
Required:
Prepare a report showing the company's revenue and spending variances for December. Label each variance as favorable (F) or unfavorable (U).
Definitions:
Financial Projections
Estimates of a company’s future revenues, expenses, and investments, often used for budgeting and strategic planning.
Manufacturing Facility
A dedicated location equipped with machinery and equipment for producing goods in large quantities.
Distribution System
A distribution system is the network through which a company delivers its products or services to the end consumers.
Law of Small Numbers
A cognitive bias that leads individuals to draw broad conclusions from small data sets or a limited number of observations.
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