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: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Fixed Cost per Month Cost per Car Washed $ 0.80 $ 1,200 $ 0.15 $0.20 $ 5,000 $ 0.30 $ 6,000 Administrative expenses $ 8,000 $4,000 $ 0.10 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. Answer is complete but not entirely correct. Lavage Rapide Planning Budget For the Month Ended August 31 Budgeted cars washed i 0 Rent Administrative expenses $ 8,000 $ 4,000 $ 0.10 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. Answer is complete but not entirely correct. Lavage Rapide Planning Budget For the Month Ended August 31 Budgeted cars washed 0 * Revenue $ 44,100 Expenses: Cleaning supplies 7,200 Electricity 2,550 Maintenance 1,800 Wages and salaries 7,700 Depreciation 6,000 Rent 8,000 Administrative expenses 4,900 ( Total expense 38,150 Net operating income $ 5,950