Please do not give solution in image format thanku Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following tableprovides data concerning the company's costs:Fixed Cost per Month Cost per Car Washed$ 0.50$ 0.05$ 0.20$ 0.30Cleaning suppliesElectricityMaintenanceWages and salariesDepreciationRent$2,100Administrative expenses $1,700$ 0.04For example, electricity costs are $1,300 per month plus $0.05 per car washed. The company expects to wash 8,200 cars in August andto collect an average of $6.70 per car washed.The actual operating results for August are as follows:RevenueExpenses:Lavage RapideIncome StatementFor the Month Ended August 31Actual cars washedCleaning suppliesElectricity$ 1,300Maintenance$4,600$ 8,400Wages and salariesDepreciationRentAdministrative expensesTotal expenseNet operating income8,300$ 57,0404,6001,6801,8807,4208,4002,3001,92828,208$ 28,832Required:Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not roundintermediate calculations.)

The variance is the difference between the actual data and standard output of the production. The…

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: Fixed Cost per Month Cost per Car Washed $0.50 $ 0.05 $0.20 $0.30 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation $ 4,600 $ 8,400 $2,100 Administrative expenses $ 1,700 $ 0.04 For example, electricity costs are $1,300 per month plus $0.05 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.70 per car washed. The actual operating results for August are as follows: Rent Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed Revenue Expenses: Cleaning supplies $ 1,300 Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 8,300 $ 57,040 4,600 1,680 1,880 7,420 8,400 2,300 1,928 28,208 $ 28,832 Required: Calculate the company's revenue and spending 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. Do not round intermediate calculations.)

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: Fixed Cost per Month Cost per Car Washed $0.50 $ 0.05 $0.20 $0.30 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation $ 4,600 $ 8,400 $2,100 Administrative expenses $ 1,700 $ 0.04 For example, electricity costs are $1,300 per month plus $0.05 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.70 per car washed. The actual operating results for August are as follows: Rent Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed Revenue Expenses: Cleaning supplies $ 1,300 Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 8,300 $ 57,040 4,600 1,680 1,880 7,420 8,400 2,300 1,928 28,208 $ 28,832 Required: Calculate the company's revenue and spending 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. Do not round intermediate calculations.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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