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: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost per Month Cost per Car Washed $0.70 $1,400 $0.06 $0.10 $4,800 $0.30 $8,300 $1,900 $1,500 $0.03 For example, electricity costs are $1,400 per month plus $0.06 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.70 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 8,500 $ 58,380 6,380 1,874 1,080 7,680 8,300 2,100 1,652 29,066 $ 29,314 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.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Cars washed Actual Results 8,500 Revenue $ 58,380 Expenses: Cleaning supplies 6,380 Electricity 1,874 Maintenance 1,080 Wages and salaries 7,680 Depreciation 8,300 Rent 2,100 Administrative expenses 1,652 Total expense 29,066 Net operating income $ 29,314 Flexible Budget Planning Budget 8,500 8,500