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The pizzeria's cost formulas appear below: Page 433 Fixed Cost Cost per Cost per per Month Pizza Delivery $3.80 $5.220 $630 $0.05 $3.50 Pizza ingredients Kitchen staff Utilities Delivery person Delivery vehicle Equipment depreciation Rent Miscellancous $540 $1.50 $275 $1.830 $820 $0.15 In November, the pizzeria budgeted for 1.200 pizzas at an average selling price of $13.50 per pizza and for 180 deliveries. Data concerning the pizzeria's actual results in November were as follows Actual Results 1.240 174 Pizzas Deliveries Revenue Pizza ingredients $17.420 $4.985 Kitchen staff $5.281 $984 S609 Utilities Delivery person Delivery vehicle Equipment depreciation $655 $275 Rent $1.830 Miscellaneous $954 Required: 1. Using Exhibit 9-11 as your guide, prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November 2. Explain the activity variances. 1. S 9.) Milano Pizza Flexible Budget Performance Report For the Month Ended November 30 Revenue and Spendin g Flexibl Activity Plannin Actual Variance e Variance 9 Results Budget s Budget Pizzas (9) Deliveries (92) Revenue ($ Expenses: Pizza ingredients ($ q)..... Kitchen staff ($ > Utilities ($ + $ 9.) Delivery person ($. _92)..... Delivery vehicle($ +$ 92)........ Equipment depreciation ($ Rent ($ Miscellaneous ($ $__91) Total expense. Net operating income.. 2. Please comment on the activity variances and the spending variances. What can you observe? 1 What could be the reasons for these variances