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: Pixed cost cost per per Month Car Washed Cleaning supplies $0.50 Electricity $1,500 $0.00 Maintenance Wages and salaries $4,800 $0.30 Depreciation 38,100 $2,100 Administrative expenses $1,500 $0.04 $0.25 Rent 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 $5.90 per car washed. The actual operating results for August are as follows: Lavage rapide Tncome Statement For the Month Ended August 31 Actual cars washed 8,500 $51,660 Revenue Expenses cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Bet operating incomo 4,700 2,142 2,340 7.680 8,100 2,300 1,736 28,998 $22,662 Required: Calculate the company's revenue and spending 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.) Required: Calculate the company's revenue and spending variances 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 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 Not operating income