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). Tiput all amounts as positive values.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Revenue and Spending Flexible Variances Budget 8,800 Activity Variances Planning Budget Actual Results 8,800 Cars washed $ 43,080 $ 400 43,120 $ 9800 160 F 5200 1500 301F 40F Revenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 7,560 2,670 2,260 8,500 6,000 8,000 4,950 39,940 3,140 $ 500U 8600 O None of None 700 2.1000 2,1400 7,040 2,520 1,760 7.640 6,000 8,000 4,880 37,840 5,280 $ 60F O None of None 2017 310F $ $ 6700 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: Fixed Cost per Month $1,200 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Cost per Car Washed $0.80 $0.15 $0.20 $0.30 $5,000 $6,000 $8,000 $4,000 ok $0.10 nt For example, electricity costs should be $100 per month plus $0.15 per car washed. The company expects to wash 9,000 cars in August and to collect an average of $4.90 per car washed. The actual operating results for August are as follows: ences Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,800 Revenue $43,080 Expensest Cleaning supplies 7.560 Electricity 2,670 Maintenance 2,260 Wagon and salaries 8,500 Depreciation 6,000 Rent 8,000 Administrative expenses 4,950 Total expense 39.940 Net operating Income $ 3,140