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: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost per Month Cost per Car Washed $ 0.50 $ 1,100 $ 0.09 $ 0.20 $ 4,900 $ 0.20 $ 8,200 $ 1,800 $ 1,400 $ 0.04 For example, electricity costs should be $1,100 per month plus $0.09 per car washed. The company expects to wash 8,000 cars in August and to collect an average of $6.40 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income Required: 8,100 $53,300 4,500 1,790 1,840 6,860 8,200 2,000 1,620 26,810 $ 26,490 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 Cars washed Revenue Actual Results 8,100 $ 53,300 Expenses: Cleaning supplies 4,500 Electricity 1,790 Maintenance 1,840 Wages and salaries 6,860 Depreciation 8,200 Rent Administrative expenses 2,000 1,620 Total expense 28,810 Net operating income $ 28.490 Flexible Budget Planning Budget