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: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost per cost per Month Car Washed $ 0.40 $ 1,400 $ 0.08 $ 0.15 $ 4,200 $ 0.40 $ 8,500 $ 2,200 $ 1,300 $ 0.03 For example, electricity costs should be $1,400 per month plus $0.08 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.10 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 8,300 Revenue $ 52,120 Expenses: Cleaning supplies 3,780 Electricity 2,026 Maintenance 1,470 Wages and salaries 7,840 Depreciation 8,500 Rent 2,400 Administrative expenses 1,446 Total expense 27,462 Net operating income $ 24,658 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.) 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 Flexible Budget Results Planning Budget Cars washed 8,300 52,120 Revenue $ 3,780 2,026 1,470 Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 7,840 8,500 2,400 1,446 27,462 $ 24,658