Exercise 9-14 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: Fixed Cost Cost per Car Washed $0.60 $e.08 se.30 $0.20 per Month Cleaning supplies Electricity Maintenance $1, 20e Wages and salaries Depreciation Rent $4,50e $8, 200 $1,80e $1,40e Administrative expenses s8.81 For example, electricity costs are $1,200 per month plus $0.08 per car washed. The company expects to wash 8.300 cars in August and to collect an average of $6.30 per car washed. The actual operating results for August appear below. Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,480 $ 54,390 Revenue Expenses: Cleaning supplies Electricity 5,480 1,834 2,730 6,520 8, 280 2,eee 1, 383 28,147 Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 26,243 Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August. (Indleate 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 Planning Budget Results Budget Cars washed 8,400 54,390 Revenue S Expenses Cleaning supplies 5,480 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 veriance). Input all amounts as positive values.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Planning Budget Results Budget Cars washed 8.400 54,300 Revenue S Expenses: Cleaning supplies 5.480 Electricity 1.834 Maintenance 2,730 Wages and salaries 6,520 Depreciation 8,200 Rent 2.000 Administrative expenses 1,383 Total expense 28.147 Net operating income 28,243