Exercise 9-14 (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 data concerning the company's costs: Fixed Cost Cost per per Month Car Washed Cleaning supplies $0.50 Electricity $1,500 $0.05 Maintenance $0.15 Wages and salaries $4,300 $0.30 Depreciation $8,400 Rent $1,800 Administrative expenses $1,600 $0.01 For example, electricity costs are $1,500 per month plus $0.05 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.00 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 8,500 Revenue $52,500 Expenses: Cleaning supplies 4,700 Electricity 1,890 Maintenance 1,500 Wages and salaries 7,180 Depreciation 8,400 Rent 2,000 Administrative expenses 1,584 Total expense 27, 254 Net operating income $25, 246 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 (i.e., zero variance). Input all amounts as positive values.) 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 (.e., zero variance). Input all amounts as positive values.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Results Budget 8,500 Planning Budget Cars washed $ 52,500 Revenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 4,700 1,890 1,500 7,180 8,400 2,000 1,584 27 254 $ 25,246