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 Cost per Car Washed Fixed Cost per Month $ 0.50 $1,300 $ 0.07 $ 0.25 $ 4,500 $ 0.30 $ 8,400 $ 1,800 $ 1,800 $ 0.01 For example, electricity costs should be $1,300 per month plus $0.07 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 cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income Required: 8,500 $ 58,380 4,700 1,858 2,340 7,380 8,400 2,000 1,784 28,462 $ 29,918 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.) 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 Results Cars washed Revenue 8,500 $ 58,380 Expenses: Cleaning supplies 4,700 Electricity 1,858 Maintenance 2,340 Wages and salaries 7,380 Depreciation 8,400 Rent 2,000 Administrative expenses 1,784 Total expense 28,462 Net operating income $ 29,918 Flexible Planning Budget Budget