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 and actual results for the month of February Fixed Variable Component Component per Actual Total Revenue Technician wages Mobile lab operating expenses office expenses Advertising expenses Insurance Miscellaneous expenses per Month Job $ 280 $ 8,000 $5,000 $ 2,700 $ 33 $3 $1,500 $ 2,890 $940 5 2 for February $ 33,650 $ 7,850 $9,130 $ 2,940 $1,650 $2,890 $ 505 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $5,000 plus $33 per job, and the actual mobile lab operating expenses for February were $9,130 The company expected to work 130 jobs in February but actually worked 134 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 (i.e., zero variance). Input all amounts as positive values. AirQual Test Corporation 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 (i.e., zero variance). Input all amounts as positive values. AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Jobs Actual Results 134 $ 33,650 Revenue Expenses Technician wages 7,850 Mobile lab operating expenses 9,130 Office expenses 2,940 Advertising expenses 1,650 Insurance 2,890 Miscelaneous expenses 505 Total expenses 24,965 Net operating income $ 8,685 Flexible Planning Budget Budget