Satoe Corporation uses customers served as its measure of activity. During April, the company budgeted for 25,000 customers, but actually served 23,000 customers. The company has provided the following data concerning the formulas used in its budgeting and its actual results for April:
Data used in budgeting: 
Actual results for April: 
Required:
Prepare the company's flexible budget performance report for April. Label each variance as favorable (F) or unfavorable (U).
Definitions:
Deferred Ordinary Annuity
An annuity contract that begins payments at a specified future date, as opposed to immediately after the initial investment.
Present Value
The value today of a future sum of money or sequence of cash inflows, factoring in a given return rate.
Compounded Annually
This describes the process where interest is added to the principal balance of an investment or loan once per year, resulting in interest earning interest in subsequent years.
Retirement Account
An investment account specifically designed for saving towards retirement, offering tax advantages.
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