Exercise 9-13 (Algo) 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 estimates concerning the company's costs: Fixed Cost per Month $1,200 Cleaning supplies Electricity Maintenance Wages and walaries Depreciation Rent Administrative expenses Cost per Car Washed $0.60 $0.10 $0.25 $0.20 $4,700 $8,100 $1,800 $1,600 $0.02 For example, electricity costs should be $1,200 per month plus $0.10 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.20 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement Tor the Month Ended August 31 Actual carn vanhed 0300 552., 940 Revenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Het operating income 5,420 1.990 2,290 6.700 8,100 2,000 1664 20,164 $24,776 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 (l.e., zero variance). Input all amounts as positive values.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results Flexible Budget Planning Budget Cars washed 8,300 $ 52,940 5,420 1.990 2.290 Revenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 6,700 8.100 2.000 1,664 28,154 $ 24,776