Exercise 9-14 Prepare a Flexible Budget Performance Report (L09-4) 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: 13 Fixed Cost per Month $1,388 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Cost per Car Washed $0.70 se.es $0.10 $0.40 $4,500 58,380 $1,900 $1,400 se.e4 For example, electricity costs are $1,300 per month plus $0.05 per car washed. The company expects to wash 8,000 cars In August and to collect an average of $6.80 per car washed. The actual operating results for August appear below. Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,100 $ 56,560 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 6,1ee 1,670 1.040 8.00 8. Je 2.100 1.00 28.99 $ 27,612 Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity varlances for August (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (l.e.. zero variance). Input all amounts as positive values. Lavage Rapide Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 6,100 1,670 1,040 8,060 8,360 2,180 1,62e 28,892 $ 27,610 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 (le, zero variance). Input all amounts as positive values.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Results Budget 8,100 Planning Budget Cars washed Revenue $ 56,500 Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 6.100 1.670 1.040 8.080 8,300 2.100 1.620 28,890 27.610 S