Exercise 9-7 (Algo) Planning Budget [LO9-1] Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Cost per Cost per Car Fixed Month Washed Cleaning supplies $ 0.50 $ Electricity $ 0.07 1,400 Maintenance $ 0.15 $ Wages and salaries $ 0.40 4,900 $ Depreciation 8,200 $ Rent 2,000 Administrative $ $ 0.04 expenses 1,400 For example, electricity costs are $1,400 per month plus $0.07 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.30 per car washed. Required: Prepare the company's planning budget for August. Lavage Rapide Planning Budget For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense 0 Net operating income $ 0