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: Cicchetti Corporation
Comparison of Actual Results to Planning Budget
For the Month Ended December 31
Actual Results Planning Budget Variances
Customers served 22,000 21,000
Revenue (3.40q) $75,200 $71,400 $3,800 F
Expenses:
Wages and salaries
($22,100 + $1.11q) 46,520 45,410 1,110 U
Supplies ($0.51q) 9,710 10,710 1,000 F
Insurance ($4,000) 4,000 4,000
Miscellaneous expense
($3,000 + $0.31q) 8,510 9,510 1,000 F
Total expense 68,740 69,630 890 F
Net operating
income $6,460 $1,770 $4,690 F
Required:
Prepare a report showing the company's revenue and spending variances for December. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i. e., zero variance).)
Cicchetti Corporation
Revenue and Spending Variances
For the Month Ended December 31

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.