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Exercise 9-9 Flexible Budget Performance Report [LO3, LO4] Auto Lavage is a Canadian company that owns and operates a large automatic carwash facility near Quebec. The following table provides data concerning the company's expected costs: Fixed Cost per Month Cost per Car Washed $0.70 0.10 0.30 0.40 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $ 2,800 6,000 9,600 3,400 3,130 0.07 For example, electricity costs are $2,800 per month plus $0.10 per car washed. The company expects to wash 9,300 cars in October and to collect an average of $7.20 per car washed. Auto Lavage's actual level of activity was 9,400 cars. The actual revenues and expenses for October are given below: Auto Lavage Income Statement For the Month Ended October 31 Actual cars washed 9,400 Sales $70,000 7,350 1,018 2,458 4,140 710 Variable expenses: Cleaning supplies Electricity Maintenance Wages and salaries Administrative Fixed expenses: Electricity Wages and salaries Depreciation Rent Administrative 2,880 6,000 9,600 3,400 3,045 Total expense 40,601 Net operating income $29,399 Required: 1. Prepare a flexible budget performance report for October (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) AUTO LAVAGE INC. Flexible Budget Performance Report For the Month Ended October 31 Cost Flexible Actual Formula (per car) Budget Flexible Budget Variance Variable Expenses: Total variable expenses 0.00 Fixed expenses: Total fixed expenses $ 0 $ 0 2. Prepare a comprehensive performance report for October. Assume that the static budget for October was based on an activity level of 9,300 cars. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) AUTO LAVAGE INC. Comprehensive Performance Report For the Month Ended October 31 Flexible Budget Flexible Actual Variance Budget 9,400 Sales Volume Variance Static Budget 9,300 Number of cars 9,400 Variable Expenses Total variable expenses Fixed expenses Total fixed expenses 01