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. $ 0.40 Electricity $ 1,200 $ 0.06 Maintenance $ 0.20 Wages and salaries $ 4,500 $ 0.30 Depreciation Rent $ 8,400 $2,100 Administrative expenses $1,600 $ 0.01 For example, electricity costs should be $1,200 per month plus $0.06 per car washed. The company expects to wash 8,400 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 care washed Revenue Expenses Cleaning supplies Electricity Maintenance Wagon and salaries Depreciation Rent Administrative expenses Total expense Net operating income Required 8,500 $58,380 3,860 1,674 1,920 7,380 8,400 2,300 1,584 27,118 $ 31,262 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 (l.e., zero variance). Input all amounts as positive values.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Cars washed Actual Results 8,500 $ 58,380 Revenue Expenses Cleaning supplies 3,860 Electricity 1,674 Maintenance 1,920 Wages and salaries 7,380 Depreciation 8,400 Rent 2,300 Administrative expenses 1,584 Total expense 27,118 Net operating income $ 31,262 Flexible Planning Budget Budget