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: Fixed Cost Cost per Car Washed Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses per Month $ 0.70 $ 1,100 $ 0.06 $ 0.30 $ 4,200 $ 0.40 $ 8,300 $ 2,200 $ 1,600 $ 0.04 For example, electricity costs are $1,100 per month plus $0.06 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.80 per car washed. Required: Prepare the company's planning budget for August. Lavage Rapide Planning Budget For the Month Ended August 31 Budgeted cars washed Revenue 8,300 $ 53,950 X Expenses: Cleaning supplies 5,810 Electricity 1,764 X Maintenance 1,660 Wages and salaries 8,020 X Depreciation 8,200 Rent 2,000 Administrative expenses 2,049 Total expense 29,503 Net operating income $ 24,447