Exercise 9-14 (Algo) Prepare a Flexible Budget Performance Report (LO9-4] Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Cost per Fixed Cost per Month $1,200 cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Car Washed $0.50 $0.07 $0.15 $0.30 $4,300 $8,000 $2,200 $1,400 $0.02 For example, electricity costs are $1,200 per month plus $0.07 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.00 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 8,300 $ 51,300 Revenue Expenses: cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 4,600 1,744 1,470 7,120 8,000 2,400 1,464 26,798 $ 24,502 Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August. (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.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Results Budget Planning Budget Cars washed 8,300 Revenue $ 51,300 Expenses: Cleaning supplies Electricity Maintenance 4,600 1,744 1,470 7,120 Wages and salaries Depreciation Rent 8,000 2,400 Administrative expenses 1,464 Total expense 26,798 Net operating income $ 24,502