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 Cost per Car Washed per Month cleaning supplies Electricity Maintenance $0.50 $1,200 $0.09 $0.20 $0.30 Wages and salaries Depreciation $4,800 $8,100 $2,000 $1,400 Rent Administrative expenses $0.04 For example, electricity costs are $1,200 per month plus $0.09 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.40 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 $54,580 Revenue Expenses Cleaning supplies Electricity 4,600 1,908 1,880 7,620 8,100 Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense 27,936 $ 26,644 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 Actual Flexible Planning Budget Results Budget Cars washed 8,300 Revenue 54,580 Expenses: Cleaning supplies 4,600 Electricity 1,908 Maintenance 1,880 Wages and salaries 7,620 Depreciation 8,100 Rent 2,200 Administrative expenses 1,628 Total expense 27,936 26,644 Net operating income