Miracle Car Wash located in Nashville, Tennessee has been providing interior and exterior car washes since 1960. Provided below is information regarding Miracle's costs: Fixed Cost Cost per per month $ 1,400 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Car Washed $ 0.50 $ 0.06 $ 0.25 $0.30 $ 4,900 $ 8,100 $ 2,200 $ 1,500 $ 0.05 For example, electricity costs are $1,400 per month plus $0.06 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.70 per car washed. Required: Prepare the company's planning budget for August. Miracle Car Wash Planning Budget For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income