Exercise 9-14 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 per Month Cost per Car Washed $0.80 $0.06 $0.20 $0.30 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $1,100 $4,800 $8,000 $1,800 $1,300 $0.04 For example, electricity costs are $1,100 per month plus $0.06 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.20 per car washed The actual operating results for August appear below Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,300 Revenue 52,940 Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses 7,060 1,562 1,880 7,620 8,000 2,000 1,528 29,650 23,290 Total expense Net operating income 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 Planning Budget Actual Results Flexible Budg Cars washed 8,300 Revenue $ 52,940 Expenses: 7,060 1,562 1,880 7,620 8,000 2,000 1,528 29,650 $ 23,290 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income