Fixed Cost Cost per per Car Month Washed Cleaning supplies $ 0.60 $ Electricity $ 0.07 1,400 Maintenance $ 0.25 Wages and salaries $ $ 0.30 4,500 Depreciation $ 8,300 $ Rent 1,900 Administrative $ $ 0.02 expenses 1,500 For example, electricity costs should be $1,400 per month plus $0.07 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.40 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,400 $ Revenue 55,220 Expenses: Cleaning supplies 5,480 Electricity 1,951 Maintenance 2,315 Wages and salaries 7,350 Depreciation 8,300 Rent 2,100 Administrative 1,566 expenses Total expense 29,062 $ Net operating income 26,158 Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results Cars washed 8,400 Revenue $ 55,220 Expenses: Cleaning supplies 5,480 Electricity 1,951 Maintenance 2,315 Wages and salaries 7,350 Depreciation 8,300 Rent 2,100 Administrative 1,566 expenses Total expense 29,062 Net operating income $26,158 Flexible Budget Planning Budget