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 Cost per Car Washed $0.70 $0.06 $0.25 $0.30 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $1,300 $ 4,000 $ 8,000 $2,100 $1,800 $0.04 For example, electricity costs should be $1,300 per month plus $0.06 per car washed. The company expects to wash 8,200 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 Income Statement For the Month Ended August 31 Actual cars washed 8,300 $ 50, 480 Revenue Expenses : Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense 6,240 1,762 2,290 6,820 8,000 2,300 2,028 29,440 Net operating income $ 21,040 Required: repare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for ugust. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero ariance). 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 Revenue $ 50,480 Expenses: 6,240 1,762 2,290 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent 6,820 8,000 2.300 Administrative expenses 2,028 Total expense 29,440 21,040 Net operating income $