Exercise 9-16 (Algo) Flexible Budget Performance Report (LO9-1, LO9-2, LO9-3, LO9-4) 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 Revenue Technician wages Mobile la operating expenses OEEce expenses Advertising expenses Insurance Miscellaneous expenann Variable Pixed Component Component per Actual Total per Honth Jobs for February $ 277 $ 38,00 se, 600 $ 8,450 $5,700 $ 32 $ 9,340 $ 2,600 $ 3 $ 2,900 $ 1,590 $1,660 $ 2,870 $2.070 $ 960 $ 1 415 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4700 plus $32 per job, and the actual mobile lab operating expenses for February were $9.340. The company expected to work 150 jobs in February, but actually worked 156 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.) Hiru Test Cormoration Required: Prepare a flexible budget performance report showing Air Qual 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 Revenue and Flexible Results Spending Variances Budget 156 156 Activity Variances Planning Budget Jobs $ 38,800 8,6001 Revenue Expenses Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Total expense Net operating income 8,450 9,340 2.900 1,660 2,870 415 25,635 $ 13,165