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 Cost per per Month Car Washed Cleaning supplies $0.70 Electricity $1,300 $0.07 Maintenance $0.30 Wages and salaries $4, 600 $0.30 Depreciation $8, 200 Rent $1,800 Administrative expenses $1, 400 $0.04 For example, electricity costs should be $1,300 per month plus $0.07 per car washed. The company expects to wash 8,000 cars in August and to collect an average of $5.90 per car washed. Required: Prepare the company's planning budget for August. Lavage Rapide Planning Budget For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income