Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Fixed cost per Month Cost per Car Washed $0.60 $0.08 $0.20 $0.40 Cleaning supplies Electricity Maintenance Wages and salarios Depreciation Rent Administrative expenses $1,100 $4,900 $8.400 $1,900 $1,500 50.03 For example, electricity costs are $1,100 per month plus $0.08 per car washed. The company expects to wash 8,500 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 Months anded August 31 Actual cars washed 8,600 Revenue Expenses Cleaning supplies 5,600 Electricity 1.750 Maintenance 1,940 Wages and salarien 8.660 Depreciation 8. 400 Rent 2,100 Administrative expenses 1.655 Total expense 30.105 Niet operating income $23.845 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 (.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 (.e., zero variance). Input all amounts as positive values.) Lavage Rapido Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Results Budget 8,600 Planning Budget Cars washed $ 53,950 5,600 1.750 1,940 Revenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 8,660 8.400 2,100 1,655 30,105 23,845 $