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 $1,100 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Cost per Car Washed $0.70 $0.06 $0.25 $0.20 $4,900 $8,000 $2,000 $1,700 $0.05 August and For example, electricity costs are $1,100 per month plus $0.06 per car washed. The company expects to wash 8,100 cars to collect an average of $6.50 per car washed. The actual operating results for August appear below. Lavage Rapide Income statement For the Month Ended August 31 Actual cars washed 8,200 $ 54,750 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 6,170 1,556 2,265 6,880 8,000 2,200 2,005 29,076 $ 25,674 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 Actual Flexible Results Budget 8,200 Planning Budget Cars washed DARILA EA 70 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 Actual Flexible Results Budget 8,200 Planning Budget Cars washed Revenue $ 54,750 Expenses: 6,170 Cleaning supplies Electricity 1,556 Maintenance 2,265 6,880 Wages and salaries Depreciation 8,000 Rent 2,200 Administrative expenses 2,005 Total expense 29,076 Net operating income $ 25,674