Exercise 9-12 (Algo) Revenue and Spending Variances (LO9-3] 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: Taxed Cont per Month $1,300 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses cont per Car Washed $0.50 $0.10 $0.30 80.20 $4,400 $8,100 $2,100 $1,300 $0.03 For example, electricity costs should be $1.300 per month plus $0.10 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.70 per car washed. The actual operating results for August are as follows: Lavage Rapido Income statement Yor the Month inded August 31 Actual care vashed 8,500 5.50.300 Revenue Ixpenses Cleaning supplies lectricity Maintenance Wages and salaries 4,700 2,110 2,760 6.440 Check my work 7 The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,500 5.58,389 SK ces Rovenuo Expenses Cleaning supplies electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 4,700 2,110 2,760 6,440 8,100 2,300 1.432 27,862 530, 518 Required: Calculate the company's revenue and spending variances for August (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (l.e, zero variarice). Input all amounts as positive values.) favorable, Lavage Rapide Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income