Exercise 9-16 (Algo) Flexible Budget Performance Report (L09-1, LO9-2, LO9-3, L09.4) Air Qual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February Variable Fixed Component Component per Actual Total per Month Job for February Revenue $278 $30,610 Technician wages $ 8,300 $ 8,150 Mobile lab operating expenses 54,600 $ 34 $ 8,520 Office expenses $2,500 $3 $ 2,710 Advertising expenses $ 1,560 $ 1,630 Insurance $ 2,870 $ 2,870 Miscellaneous expenses 5980 $ 405 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,600 plus $34 per Job, and the actual mobile lab operating expenses for February were $8,520. The company expected to work 120 jobs in February, but actually worked 128 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February (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.) AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Flexible Budget 128 Results Planning Budget Jobs $ 30,610 8,150 Revenue Expenses Technician wages Moble lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Total expense Not operating income 8,520 2,710 1,630 2,870 405 24,205 56,325