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 Fixed Cost Cost per per Month Car Washed $ 0.70 $ 1,000 $ 0.07 $ 0.15 $ 4,900 $ 0.40 $ 8,300 $ 2,100 $ 1,300 $ 0.03 For example, electricity costs should be $1,000 per month plus $0.07 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $5.90 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 8,300 Revenue $ 50,480 Expenses: Cleaning supplies 6,240 Electricity 1,544 Maintenance 1,470 Wages and salaries 8,540 Depreciation 8,300 Rent 2,300 Administrative expenses 1,446 ACIIL Administrative expenses $ 1,300 $ 0.03 For example, electricity costs should be $1,000 per month plus $0.07 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $5.90 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 $ 50,480 6,240 1,544 1,470 8,540 8,300 2,300 1,446 29,840 $ 20,640 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 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 8,300 $ 50,480 Expenses: Cleaning supplies 6,240 Electricity 1,544 Maintenance 1,470 Wages and salaries 8,540 Depreciation 8,300 Rent 2,300 Administrative expenses 1,446 Total expense 29,840 Net operating income $ 20,640 Flexible Planning Budget Budget