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 Coat per Month Car Washed Cleaning supplies $ 0.50 Electricity 5 1,400 $ 0.09 Maintenance $0.30 Wages and salaries $4,500 $ 0.30 Depreciation 3 8,400 Rent $ 2,100 Administrative expenses $ 1,600 $ 0.02 For example, electricity costs should be $1,400 per month plus $0.09 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.40 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 8,400 Revenue $ 55,220 Expenses Cleaning supplies 4,650 Electricity 2,112 Maintenance 2,730 Wages and salaries 7,350 Depreciation 8,400 Rent 2,300 Administrative expenses 1,666 Total expense 29,213 Net operating income $ 26,007 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 (le, 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 (l.e., zero variance). Input all amounts as positive values.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results Budget 3,400 55,220 Flexible Planning Budget Cars washed Revenue $ es Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 4,650 2,117 2,730 7,350 8,400 2,300 1,666 29.213 26,007 $