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: Tised Coat Cost per per Month Car Washed Cleaning supplies $0.40 Electricity $1,000 Maintenance $0.10 Wages and salaries $4,800 $0.30 Depreciation $ 8,300 ment $2,100 Administrative expenses $1,700 $0.02 $0.07 For example, electricity costs should be $1,000 per month plus $0.07 per car washed. The company expects to wash 8,000 cars in August and to collect an average of $6.60 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 salarios osts should be $1,000 per month plus $0.07 per car washed. The company expects to August and to collect an average of $6.60 per car washed. Required: Prepare the company's planning budget for August. Lavage Rapide Planning Budget For the Month Ended August 31 5 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income