Exercise 9-7 (Static) 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 Car Washed Fixed Cost per Month Cleaning supplies $ 0.88 Electricity $ 1,200 Maintenance $ 0.15 $0.20 $ 5,000 $ 0.38 $ 6,000 $ 8,000 $ 4,000 $ 0.10 Wages and salaries Depreciation Rent Administrative expenses For example, electricity costs are $1,200 per month plus $0.15 per car washed. The company expects to wash 9,000 cars in August and to collect an average of $4.90 per car washed. Required: Prepare the company's planning budget for August. Lavage Rapide Planning Budget For the Month Ended August 31 Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses 9,000 Total expense 0 Net operating income i $