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 has provided the following cost formulas ar actual results for the month of February: Fixed Variable Component Component per Actual Total per Month Revenue Job $ 276 for February $ 35,890 Technician wages $ 8,500 $ 8,350 Mobile lab operating expenses $ 5,000 $ 33 $ 9,460 Office expenses $ 2,700 $ 4 $ 3,110 Advertising expenses $ 1,610 $ 1,680 Insurance $ 2,860 Miscellaneous expenses $ 940 $ 2 $ 2,860 $ 525 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $5,000 p $33 per job, and the actual mobile lab operating expenses for February were $9,460. The company expected to work 140 jobs in February, but actually worked 148 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 m effect (i.e., zero variance). Input all amounts as positive values.) 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 Jobs Actual Results 148 $ 35,890 Revenue Expenses: Technician wages 8,350 Mobile lab operating expenses 9,460 Office expenses 3,110 Advertising expenses 1,680 Insurance 2,860 Miscellaneous expenses 525 Total expense Net operating income 25,985 $ 9,905 Flexible Planning Budget Budget