Exercise 9-16 (Algo) Flexible Budget Performance Report [LO9-1, LO9-2, L09-3, LO9-4] AirQual Test Corporation provides on-site air quality testing services. The company provided the following cost formulas and actual results for the month of February: The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $5,000 plus $34 per job, and the actual mobile lab operating expenses for February were $8,920. The company expected to work 120 jobs in February but actually worked 128 jobs. Required: Prepare a flexible budget performance report for February. Note: Indicate the effect of each variance by selecting " F " for favorable, " U " for unfavorable, and "None" for no effect ( f.e., zero variance). Input all amounts as positive values. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ AirQual Test Corporation } \\ \hline \multicolumn{4}{|c|}{ Flexible Budget Performance Report } \\ \hline \multicolumn{4}{|c|}{ For the Month Ended February 28} \\ \hline & \begin{tabular}{l} Actual \\ Results \end{tabular} & \begin{tabular}{c} Flexible \\ Budget \end{tabular} & \begin{tabular}{c} Planning \\ Budget \end{tabular} \\ \hline Jobs & 128 & & \\ \hline Revenue & $30,730 & & \\ \hline \multicolumn{4}{|l|}{ Expenses: } \\ \hline Technician wages & 8,250 & & \\ \hline Mobile lab operating expenses & 8,920 & & \\ \hline Office expenses & 2,790 & & \\ \hline Advertising expenses & 1,650 & & \\ \hline Insurance & 2,860 & & \\ \hline Miscellaneous expenses & 505 & & \\ \hline Total expenses & 24,975 & & \\ \hline Net operating income & $5,755 & & \\ \hline \end{tabular} Exercise 9-16 (Algo) Flexible Budget Performance Report [LO9-1, LO9-2, L09-3, LO9-4] AirQual Test Corporation provides on-site air quality testing services. The company provided the following cost formulas and actual results for the month of February: The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $5,000 plus $34 per job, and the actual mobile lab operating expenses for February were $8,920. The company expected to work 120 jobs in February but actually worked 128 jobs. Required: Prepare a flexible budget performance report for February. Note: Indicate the effect of each variance by selecting " F " for favorable, " U " for unfavorable, and "None" for no effect ( f.e., zero variance). Input all amounts as positive values. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ AirQual Test Corporation } \\ \hline \multicolumn{4}{|c|}{ Flexible Budget Performance Report } \\ \hline \multicolumn{4}{|c|}{ For the Month Ended February 28} \\ \hline & \begin{tabular}{l} Actual \\ Results \end{tabular} & \begin{tabular}{c} Flexible \\ Budget \end{tabular} & \begin{tabular}{c} Planning \\ Budget \end{tabular} \\ \hline Jobs & 128 & & \\ \hline Revenue & $30,730 & & \\ \hline \multicolumn{4}{|l|}{ Expenses: } \\ \hline Technician wages & 8,250 & & \\ \hline Mobile lab operating expenses & 8,920 & & \\ \hline Office expenses & 2,790 & & \\ \hline Advertising expenses & 1,650 & & \\ \hline Insurance & 2,860 & & \\ \hline Miscellaneous expenses & 505 & & \\ \hline Total expenses & 24,975 & & \\ \hline Net operating income & $5,755 & & \\ \hline \end{tabular}