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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: Cost per Fixed Cost per Month $ 1,300 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Car Washed $ 0.70 $ 0.07 $ 0.20 $ 0.40 $ 4,000 $ 8,000 $2,100 $ 1,800 $ 0.03 For example, electricity costs are $1,300 per month plus $0.07 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.20 per car washed. Required: Prepare the company's planning budget for August. Lavage Rapide Planning Budget For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense 0 Net operating income $ 0 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: Cost per Fixed Cost per Month Car Washed $1,400 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $ 0.50 $ 0.08 $ 0.15 $ 0.40 $5,000 $ 8,400 $2,100 $1,600 $ 0.03 For example, electricity costs are $1,400 per month plus $0.08 per car washed. The company actually washed 8,500 cars in August and collected an average of $6.40 per car washed. Required: Prepare the company's flexible budget for August. Lavage Rapide Flexible Budget For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense 0 Net operating income $ 0 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: Cost per Fixed Cost per Month Car Washed $0.50 $0.10 $0.25 $1,100 cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $0.20 $4,400 $8,300 $2,100 $1,800 $0.02 For example, electricity costs are $1,100 per month plus $0.10 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.60 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 $ 56,880 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 4,650 1,900 2,315 6,420 8,300 2,300 1,866 27,751 $ 29,129 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 8,400 Planning Budget Cars washed Revenue $ 56,880 4,650 1,900 Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent 2,315 6,420 8,300 2,300 1,866 Administrative expenses Total expense Net operating income 27,751 29,129 $