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.)

Exercise 9-13 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 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: Cleaning supplies Electricity Maintenance Wages and salaries i Depreciation Rent Administrative expenses $ 0.04 For example, electricity costs should be $1,100 per month plus $0.06 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.30 per car washed. The actual operating results for August are as follows: Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Lavage Rapide Income Statement For the Month Ended August 31 Administrative expenses Total expense Net operating income Fixed Cost per Cost per Month Car Washed $ 0.50 $ 1,100 $ 0.06 $ 4,500 $ 8,400 Cars washed Revenue Expenses: $2,200 $ 1,800 Cleaning supplies Electricity Maintenance 8,500 $ 55,020 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.) 4,700 1,574 1,920 7,380 8,400 2,400 2,036 28,410 $ 26,610 Actual Results Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 $ 0.20 $ 0.30 8,500 $ 55,020 4,700 1,574 1,920 Flexible Budget Planning Budget Kent Administrative expenses For example, electricity costs should be $1,100 per month plus $0.06 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.30 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 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income Cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses > 4,400 $ 1,800 $ 0.04 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.) Total expense Net operating income 8,500 $ 55,020 Actual Results $ 8,400 2,400 2,036 28,410 $ 26,610 4,700 1,574 1,928 7,380 Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 8,500 $ 55,020 4,700 1,574 1,920 7,380 8,400 2,400 2,036 28,410 26,610 Flexible Budget Planning Budget