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: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost Cost per per Month Car Washed $0.60 $1,400 $0.05 $0.25 $4,800 $0.30 $ 8,000 $ 1,800 $1,400 $0.04 For example, electricity costs are $1,400 per month plus $0.05 per car washed. The company expects to wash 8,500 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 8,600 Revenue $56,500 Expenses: Cleaning supplies 5,600 Electricity 1,795 Maintenance 2,365 Wages and salaries 7,710 Depreciation 8,000 Rent 2,000 Administrative 1,640 expenses Total expense 29, 110 Net operating income $ 27,390 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 Results Budget 8,600 Planning Budget Cars washed $ 56,500 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 5,600 1,795 2,365 7,710 8,000 2,000 1,640 29,1101 $ 27,390