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: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost Cost per per Month Car Washed $0.60 $1,400 $0.08 $0.15 $4,300 $0.40 $8,100 $2,100 $1,500 $0.04 For example, electricity costs should be $1,400 per month plus $0.08 per car washed. The company expects to wash 8,500 cars in August and to collect an average of $6.30 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 8,600 Revenue $55,650 Expenses : Cleaning supplies 5,600 Electricity 2,050 Maintenance 1,515 Wages and salaries 8,060 Depreciation 8,100 Rent 2,300 Administrative 1,740 expenses Total expense 29,365 Net operating income $26,285 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 Flexible Results Budget Planning Budget Cars washed 8,600 $ 55,650 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 5,600 2,050 1,515 8,060 8,100 2,300 1,740 29,365 $ 26,285