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: Revenue Fixed Component per Month Variable Component per Job $ 276 Actual Total for February $ 35,890 Technician wages $ 8,400 $ 8,250 Mobile lab operating expenses $ 4,500 $ 34 $ 9,100 Office expenses $ 2,700 $ 2 $ 2,830 Advertising expenses $ 1,600 $ 1,670 Insurance $ 2,890 Miscellaneous expenses $ 960 $ 1 $ 2,890 $ 405 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,500 plus $34 per job, and the actual mobile lab operating expenses for February were $9,100. 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 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 Revenue Actual Results 148 $ 35,890 Expenses: Technician wages 8,250 Mobile lab operating expenses 9,100 Office expenses 2,830 Advertising expenses 1,670 Insurance 2,890 Miscellaneous expenses Total expense Net operating income 405 25,145 $ 10,745 Flexible Planning Budget Budget