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 Cost per Month Car Washed Cleaning supplies $ 0.60 Electricity $ 1,500 $ 0.08 Maintenance $ 0.15 Wages and salaries $ 4,800 $ 0.40 Depreciation $ 8,400 Rent $ 1,800 Administrative expenses $ 1,600 $ 0.02 For example, electricity costs should be $1,500 per month plus $0.08 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.20 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 8,500 Revenue $ 54,180 Expenses : Cleaning supplies 5,540 Electricity 2,142 Maintenance 1,500 Wages and salaries 8,520 Depreciation 8,400 Rent 2,000 Administrative expenses 1,668 Total expense 29, 770 Net operating income $ 24,410 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 Results Flexible Budget Planning Budget Cars washed 8,500 Revenue $ 54,180 5,540 2,142 Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent 1,500 8,520 8,400 2,000 Administrative expenses Total expense Net operating income 1,668 29,770 24,410 $