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 $ 0.50 Electricity $ 1, 280 $ 0.05 Maintenance $ 0.26 Wages and salaries $ 4, 280 $ 8.28 Depreciation $ 8, 306 Rent $ 2, Administrative expenses $ 1,406 $ 0.02 For example, electricity costs should be $1,200 per month plus $0.05 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.90 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 8,308 Revenue $ 58, 680 Expenses : Cleaning supplies 4, 690 Electricity 1,589 Maintenance 1, 880 Wages and salaries 6, 208 Depreciation 8, 306 Rent 2,306 Administrative expenses 1,464 Total expense 26, 324 Net operating income $ 32, 356 Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (L.e., zero variance). Input all amounts as positive values. Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Planning Results Budget Budget Cars washed 8,300 Revenue $ 58.680 Expenses: Cleaning supplies 4,600 Electricity 1.580 Maintenance 1.880 Wages and salaries 8,200 Depreciation 8.300 Rent 2,300 Administrative expenses 1.464 Total expense 26.324 Net operating income $ 32.356