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: Cost per Fixed Cost per Month $1,100 Cleaning supplies Electricity Maintenance Wages and salarien Depreciation Rent Administrative expenses Car Washed $0.60 50.08 $0.30 $0.30 $4,100 $8,300 $2,000 51,000 $0.03 For example, electricity costs are $1,100 per month plus $0.08 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.60 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 8,400 Revenue 556,880 Expenses: Cleaning supplies 5,480 Electricity 1,734 Maintenance 2,730 Wages and salaries 6.950 Depreciation 8,300 Rent 2,200 Administrative expenses 1.949 total expense 29.343 537 537 1.949 Administrative expenses Total expense Het operating Income 29, 343 527.537 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 Revenue and Flexible Results Spending Variances Budget 8.400 8.400 Activity Variances Planning Budget 8,300 Cars washed $ 56,8805 1.4401 $ 55,4401 $ BOF Ravenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Not operating income 5,480 1.734 2,730 6.950 8,300 2,200 1.949 29.343 $ 27,5371