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 $ 0.70 Electricity $ 1,200 $ 0.08 Maintenance $ 0.15 Wages and salaries $ 4,100 $ 0.40 Depreciation $ 8,400 Rent $ 1,900 Administrative expenses $ 1,600 $ 0.02 For example, electricity costs should be $1,200 per month plus $0.08 per car washed. The company expects to wash 8,500 cars in August and to collect an average of $6.70 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 Required: 8,600 $ 59,050 6,450 1,850 1,515 7,860 8,400 2,100 1,670 29,845 $ 29,205 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. Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Cars washed Revenue Actual Results 8,600 $ 59,050 Expenses: Cleaning supplies 6,450 Electricity 1,850 Maintenance 1,515 Wages and salaries 7,860 Depreciation 8,400 Rent 2,100 Administrative expenses 1,670 Total expense 29,845 Net operating income $ 29.205 Flexible Budget Planning Budget