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 per Month Cleaning supplies Electricity $1,100 Maintenance Wages and salaries $4,000 Depreciation $8,300 Rent $2,100 Administrative $1,700 expenses cost per Car Washed $0.70 $0.07 $0.25 $0.30 $0.04 For example, electricity costs are $1,100 per month plus $0.07 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.50 per car washed. The actual operating results for August appear below. I ouage Danida 1 TIULIVUIK 1 Saved car washed. The actual operating results for August appear below. Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,500 Revenue $56,700 Expenses: Cleaning supplies 6,380 Electricity 1,658 Maintenance 2,340 Wages and 6,880 salaries Depreciation 8,300 Rent 2,300 Administrative 1,936 expenses Total expense 29,794 Net operating $26,906 income Required 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 8.500 Planning Budget Cars washed Revenue Expenses Cleaning supplies Electricity M ance Wages and salaries Depreciation 8,300 Administrative expenses Total expense Net operating income 1956 20,794 2000