EXERCISE 9-16 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: The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $2,900 plus $35 per job, and the actual mobile lab operating expenses for Februiry were $4,530. The company expected to work 50 jobs in February, but actually worked 52 jobs. EXERCISE 9-16 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: The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $2,900 plus $35 per job, and the actual mobile lab operating expenses for February were $4,$30. The company expected to work 50 jobs in February, but actually worked $2 jobs. Pequired: Using Exhibit 9.8 as your guide, prepare a flexible budget performance report showing AirQual Tost Corporation's revenue and spending variances and activity variances for February. EXERCISE 9-8 Planning Budget LO9-1 Wyckam Manufacturing Inc, has provided the following estimates concerning its manufacturing costs: For example, utilities should be $1,400 per month plus $0.05 per machine-hour. The company expects to work 5,000 machine-hours in June. Note that the company's direct labor is a fixed cost