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 and actual results for the month of February: Fixed Variable Actual Total ComponentComponent for per Month per Job February Revenue $ 279 $ 33,520 Technician wages $ 8,300 $ 8,150 Mobile lab $ 4,500 $ 31 operating expenses $ 8,370 Office expenses $ 2,700 $ 2 $ 2,810 Advertising $ 1,580 $ 1,650 expenses Insurance $ 2,890 $ 2,890 Miscellaneous expenses $ 940 $ 2 $ 505 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,500 plus $31 per job, and the actual mobile lab operating expenses for February were $8,370. The company expected to work 130 jobs in February, but actually worked 132 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.) AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results Jobs Revenue 132 $ 33,520 Expenses: Technician wages 8,150 Mobile lab operating 8,370 expenses Office expenses 2,810 Advertising expenses 1,650 Insurance 2,890 Miscellaneous expenses 505 Total expense 24,375 Net operating income $9,145 Flexible Budget Planning Budget