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: 
Required:
Prepare the company's flexible budget performance report for October. Label each variance as favorable (F) or unfavorable (U).
Definitions:
Second-Price Auction
In a second-price auction, the highest bidder wins but pays the price bid by the second-highest bidder, encouraging participants to bid their true value.
Expected Revenue
The anticipated amount of money a business expects to receive over a certain period, usually as a result of sales or services.
Foreclosed
A legal process in which a lender takes control of a property after the borrower fails to meet the repayment terms of the loan.
Second-Bidder
Refers to the auction bidder with the second-highest bid, often relevant in Vickrey auctions where this bidder's price determines the sale price.
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