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 $ 0.60 Electricity $ 1,100 $ 0.07 Maintenance $ 0.30 Wages and salaries $ 5,000 $ 0.40 Depreciation Rent Administrative expenses $ 8,200 $ 2,000 $ 1,400 $ 0.03 For example, electricity costs should be $1,100 per month plus $0.07 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.50 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: 8,300 $ 55,400 5,420 1,644 2,700 8,640 8,200 2,200 1,546 30,350 $ 25,050 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.) Cars washed Revenue Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Budget 8,300 $ 55,400 Expenses: Cleaning supplies 5,420 Electricity 1,644 Maintenance 2,700 Wages and salaries 8,640 Depreciation 8,200 Rent 2,200 Administrative expenses 1,546 Total expense 30,350 Net operating income $ 25,050