Exercise 9-16 (Algo) Flexible Budget Performance Report [LO9-1, LO9-2, LO9-3, LO9-4] AirQual Test Corporation provides on-site air quality testing services. The company provided the following cost formulas 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 $4 $35 per job, and the actual mobile lab operating expenses for February were $9,440. The company expected to work 140 J February but actually worked 148 jobs. Required: results for the month of February: The company uses the number of jobs as its measure of activity. For example, moble lab operating expenses should be $4,700 pius $35 per job, and the actual mobile lab operating expenses for february were $9,440. The compary expected to work 140 jobs in February but actually worked 148 jobs. Required: Prepare a thexible 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 (i.e., zero variance). Input all omounts as positive values. variance), Input all amounts as positive valu selecting " F " for favorable, " U " for unfavorable, and "None" for no effect (i.e., zero AirQual Test Corporation provides on-site air quality testing services. The company provided t results for the month of February: The company uses the number of jobs as its measure of activity. For example, mobile lab operatin $35 per job, and the actual mobile lab operating expenses for February were $9,440. The compar February but actually worked 148 jobs. AirQual Test Corporation Flexible Budget Pertormance Report For the Month Ended February 28 \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Jobs } & \begin{tabular}{l} Actual \\ Results \end{tabular} & \multicolumn{2}{|c|}{\begin{tabular}{l} Revenue and \\ Spending Variances \end{tabular}} & \begin{tabular}{l} Flexible \\ Budget: \end{tabular} & Activity Variances & \multirow[t]{2}{*}{\begin{tabular}{l} Planning \\ Budget \end{tabular}} \\ \hline & 148 & & & & & \\ \hline Revenue & $36,310 & $36,310 & & $37,000 & & \\ \hline \multicolumn{7}{|l|}{ Expenses: } \\ \hline Technician wages & 8,150 & 8,150 & & & F & \\ \hline Mobile lab operating expenses & 9,440 & 9,440 & & & & \\ \hline Office expenses & 2,330 & 2,330 & & & & \\ \hline Advertising expenses & 1.650 & 1.550 & & & 8 & \\ \hline Insurance & 2,860 & 2,860 & & & 7 & \\ \hline Miscellaneous expenses & 5052 & 505 & & & 7 & 7 \\ \hline Total expenses & 24,935 & 24,935 & & & 7 & \\ \hline Net operating income & s 11,375 & \begin{tabular}{ll} 5 & 11,375 \\ \end{tabular} & & & 5 & \\ \hline \end{tabular} xercise 9-16 (Algo) Flexible Budget Performance Report [LO9-1, LO9.2, LO9.3, LO9-4] hirQual Test Corporation provides on-site air quality testing services. The company provided the following cost formulas and actual esults for the month of February: The company uses the number of jobs as its measure of activity. For example, moblle lab operating expenses 5 hould be $4.700 plus $35 per job, and the actual mobile lab operating expenses for February were $9.440. The company expected to work 140 jobs in February but actually worked 148 jobs. Required: Prepare a flexible budger performance report for February Note: Indicete the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero voriance). Input all emounts as positive values
