Required:Calculate the company's revenue and spending variances for August.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). Input all amounts as positive values.RevenueExpenses:Lavage RapideRevenue and Spending VariancesFor the Month Ended August 31Cleaning suppliesElectricityMaintenanceWages and salariesDepreciationRentAdministrative expensesTotal expenseNet operating income Exercise 9-12 (Algo) Revenue and Spending Variances [LO9-3]Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following tableprovides estimates concerning the company's costs:Cleaning suppliesElectricityMaintenanceWages and salariesDepreciationAdministrative expensesRentActual cars washedRevenueExpenses:Cleaning suppliesElectricityMaintenanceFor example, electricity costs should be $1,200 per month plus $0.07 per car washed. The company expects to wash 8,200 cars inAugust and to collect an average of $6.80 per car washed.The actual operating results for August are as follows:Lavage RapideIncome StatementFor the Month Ended August 31Wages and salariesDepreciationRentFixedCost perMonth$ 1,200$4,700$ 8,100$ 1,900$ 1,700Administrative expensesTotal expenseNet operating incomeCost perCar Washed$ 0.50$ 0.07$0.20$ 0.208,300$ 57,8604,6001,744$ 0.031,8806,7008,1002,1001,84626,970$ 30,890

Required: Calculate the company's revenue and spending variances for August. Note: 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. Revenue Expenses: Lavage Rapide Revenue and Spending Variances For the Month Ended August 31 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income

Required: Calculate the company's revenue and spending variances for August. Note: 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. Revenue Expenses: Lavage Rapide Revenue and Spending Variances For the Month Ended August 31 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income

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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