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 $0.70 $0.09 $0.25 $0.40 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $1,000 $5,000 $8,300 $2,000 $1,700 $0.01 For example, electricity costs should be $1,000 per month plus $0.9 per car washed. The company expects to wash 8,500 cars in August and to collect an average of $6.20 per car washed The actual operating results for August are as follows: The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,600 Revenue $ 54,800 Expenses Cleaning supplies 6,450 Electricity 1,735 Maintenance 2,365 Wages and salaries 8,760 Depreciation 8,300 Rent 2,200 Administrative expenses 1,685 Total expense 31,495 Net operating income $ 23,305 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 Actual Revenue and Flexible Results Spending Variances Budget 8,600 Activity Variances Planning Budget Cars washed $ 54,800 U U 6,450 1.735 2,365 U U U U Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income U U 8,760 8,300 2,200 None None None None 1,685 lala U 31,495 U $ 23,305 F F