Exercise 9-7 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: Fixed Cost Cost per per Month $ 1,200 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Car Washed $ 0.70 $ 0.07 $ 0.25 $ 0.20 $ 4,800 $ 8,400 $ 2,000 $1,500 $ 0.03 For example, electricity costs are $1,200 per month plus $0.07 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.00 per car washed. Required: Prepare the company's planning budget for August. Lavage Rapide Planning Budget For the Month Ended August 31 Budgeted cars washed 8,200 Revenue $ 1,367 Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense 0 Net operating income $ 1,367