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: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost per Month Cost per Car Washed $0.40 $1,000 $0.06 $0.15 $4,200 $0.40 $8,400 $1,900 $1,300 $0.03 For example, electricity costs are $1,000 per month plus $0.06 per car washed. The company expects to wash 8,000 cars in August and to collect an average of $6.40 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 8,100 $ 53,300 3,700 1,450 1,440 7,760 8,400 2,100 1,440 26,290 $ 27,010 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.) 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 Cars washed Revenue Actual Results 8,100 $ 53,300 Flexible Budget 8,100 F Expenses: Cleaning supplies 3,700 U Electricity 1,450 U Maintenance 1,440 U Wages and salaries 7,760 U U Depreciation 8,400 None None Rent 2,100 U None Administrative expenses 1,440 F U Total expense 26,290 U U Net operating income $ 27,010 F F Planning Budget 8,000