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 $ 8,eee $ 5,eee 52, Jea $ 1, see $ 2,9ee 5 938 Variable Actual Total Component per Job for February 5227 $ 3,490 $ 7,850 $ 31 $ 8,568 $ 4 $ 2,630 $ 1.670 $ 2,98e 5 1 5 355 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $5,000 plus $31 per job. and the actual mobile lab operating expenses for February were $8,560. The company expected to work 120 jobs in February, but actually worked 126 jobs. Required: Prepare a flexible budget performance report showing ArQuoi Test Corporation's revenue and spending variances and activity vartances for February (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (le.. zero variance). Input all amounts as positive values.) AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Flexible Budget Budget Question 17 - Chap The company uses the number of jobs as its measure of activity. For example, mobile lab operaung expenses should be $5,000 plus $31 per job, and the actual mobile lab operating expenses for February were $8,560. The company expected to work 120 jobs in February, but actually worked 126 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 "P" 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 20 Actual Flexible Results Budget Planning Budget Jobs 120 $ 30,400 Revenue Expenses Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Total expense Net operating income 7,850 8.580 2.630 1870 2,000 355 23.00 2.525 $