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 Component per Month Revenue Variable Component per Job $ 279 Actual Total for February $ 39,100 Technician wages $ 8,200 $ 8,050 Mobile lab operating expenses $ 4,600 $ 33 $ 9,390 Office expenses $ 2,200 $ 2 $ 2,350 Advertising expenses $ 1,560 $ 1,630 Insurance $ 2,880 Miscellaneous expenses $ 970 $ 2 $ 2,880 $ 575 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,600 plus $33 per job, and the actual mobile lab operating expenses for February were $9,390. The company expected to work 150 jobs in February, but actually worked 158 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 158 $ 39,100 Expenses: Technician wages 8,050 Mobile lab operating expenses 9,390 Office expenses 2,350 Advertising expenses 1,630 Insurance 2,880 Miscellaneous expenses Total expense Net operating income 575 24,875 $ 14,225 Flexible Planning Budget Budget