Gesmondi Corporation bases its budgets on the activity measure customers served. During October, the company planned to serve 24,000 customers, but actually served 28,000 customers. The company has provided the following data concerning the formulas it uses in its budgeting: 
Required:
Prepare a report showing the company's activity variances for October. Indicate in each case whether the variance is favorable (F) or unfavorable (U).
Definitions:
Net Income
The total earnings of a company after all expenses and taxes have been deducted from total revenue.
Leverage
The use of borrowed capital (debt) or other financial instruments to increase the potential return of an investment.
Returns
Returns refer to the profit or loss generated on an investment over a specified period of time.
Cost Of Debt
The effective rate that a company pays on its current debt, which can include bonds, loans, and other forms of debt; it's a crucial component in the calculation of the company’s cost of capital.
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