Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Fixed Cost per Month Cost per Car Washed Cleaning supplies $ 0.60 Electricity $ 1,300 $ 0.08 Maintenance $ 0.10 Wages and salaries $ 4,300 $ 0.30 Depreciation $ 8,300 Rent $ 1,900 Administrative expenses $ 1,600 $ 0.04 For example, electricity costs should be $1,300 per month plus $0.08 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.60 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 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 8,400 $ 56,880 5,480 1,934 1,070 7,150 8,300 2,100 1,832 27,866 $ 29,014 Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August. Note: 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. Cars washed Revenue Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget 8,400 $ 56,880 Expenses: Cleaning supplies 5,480 Electricity 1,934 Maintenance 1,070 Wages and salaries 7,150 Depreciation 8,300 Rent 2,100 Administrative expenses 1,832 Total expense 27,866 Net operating income $ 29,014