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5,540 eBook I 1,658 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 1,500 7,180 8,400 2,200 1,852 Print 28,330 $ 29, 210 Ferences 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 Results Revenue and Spending Variances Flexible Budget Activity Variances Planning Cars washed Budget 8,500 8,500 8,400 $ 57,540 F U F Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 5,540 1,658 1,500 7,180 8,400 U U None U 2,200 1,852 F U 28,330 29,210 $ 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 $1,100 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Cost per Car Washed $0.60 $0.07 $0.15 $0.30 $4,300 $8,400 $2,000 $1,700 $0.03 For example, electricity costs should be $1,100 per month plus $0.07 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.60 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 8,500 $57,540 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 5,540 1,658 1,500 7,180 8,400 2,200 1,852 28,330 $ 29,210 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 Rapido Flexible Budget Performance Report For the Month Ended August 31 Actual Revenue and Flexible Results Spending Variances Budget TER Activity Variances Planning Budget 8400