3 Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: 2.5 points Fixed Cost per Month Cost per Car Washed $0.40 $ 0.08 $ 0.15 $0.30 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $1,500 eBook $5,000 $8,500 $1,900 $1,700 $ 0.02 Print For example, electricity costs should be $1,500 per month plus $0.08 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.80 per car washed. References The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,500 $ 59,220 Revenue Expenses : Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 3,860 2,142 1,500 7,880 8,500 2,100 1,768 27,750 $ 31,470 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.) Print Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Results Budget References Planning Budget Cars washed 8,500 $ 59,220 3,860 2,142 Revenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent 1,500 7,880 8,500 2,100 Administrative expenses Total expense Net operating income 1,768 27,750 $ 31,470