5 Exercise 9-13 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 2 points Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: eBook Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Print Administrative expenses Fixed Cost Cost per per Month Car Washed $ 1,200 $ 0.50 $ 0.07 $ 0.20 $ 4,500 $ 0.40 $ 8,500 $ 2,200 $ 1,500 $ 0.03 References For example, electricity costs should be $1,200 per month plus $0.07 per car washed. The company expects to wash 8,500 cars in August and to collect on average of $6.60 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income Required: 8,600 $ 58,200 4,758 1,765 1,948 8,260 8,500 2,400 1,655 29,270 $ 28,930 Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values. Cars washed Revenue Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results 8,600 $ 58,200 Expenses: Cleaning supplies 4,750 Electricity 1,765 Maintenance 1,940 Wages and salaries 8,260 Depreciation 8,500 Rent Administrative expenses 2,400 1,655 Total expense 29,270 Net operating income $ 28,930 Flexible Budget Planning Budget