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 Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses $3,200 $ 4.900 $ 2,600 $ 1,590 $2.860 $ Variable Actual Total Component per Job for February $ 276 $ 27,610 $ 8,058 $ 34 $ 8,488 $ 2 $ 2,670 $1,660 $ 2,860 $ 465 940 The company uses the number of jobs as its measure of activity. For example, mobile fab operating expenses should be $4.900 plus $34 per job, and the actual mobile lab operating expenses for February were $8.480. The company expected to work 110 Jobs in February, but actually worked 114 jobs. Required: Prepare a flexible budget performance report showing Al Qual 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 (l.e., zero variance). Input all amounts as positive values.) AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Flexible Results Budget Planning Budget Jobs 114 $ 27.610 8.050 None F U Revenue Expenses Technician wages Mobile la operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Total expense Net operating income 8.480 2,670 1,660 2.860 465 24,185 3.425 None U None None u U S u