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 Variable Actual Total per Month Component per Job for February Revenue $ 279 $ 39,100 Technician wages $ 8,400 $ 8,250 Mobile lab operating expenses $4,500 $ 32 $ 9,140 office expenses $ 2,300 $ 3 $ 2,600 Advertising expenses $ 1,560 $ 1,630 Insurance $ 2,890 $ 2,890 Miscellaneous expenses $ 960 $ 2 $ 565 The company uses the number of jobs as its measure activity. For ample bile lab operating expenses should be $4,500 $32 per job, and the actual mobile lab operating expenses for February were $9,140. The company expected to work 150 jobs in February, but actually worked 156 jobs. Required: Prepare a flexible budget performance report showing Air 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 (i.e., zero variance). Input all amounts as positive values.) AirQual Test Corporation Flexible Budaet Performance Report Prepare a flexible budget performance report showing Air 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 (i.e., zero variance). Input all amounts os positive values.) Air Qual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Flexible Results Budget Planning Budget Jobs 156 Revenue $ 39,100 8,250 9.140 Expenses Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Total expense Net operating income 2,600 1,630 2.890 565 25.075 $ 14,025