Exercise 9-16 (Algo) Flexible Budget Performance Report (LO9-1, LO9-2, LO9-3, LO9-4] AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Fixed Component Variable Component per Job $ 276 per Month Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses $ 30 $ 4 $ 8,600 $ 4,700 $ 2,700 $ 1,550 $ 2,900 $ 960 Actual Total for February $ 38,650 $ 8,450 $ 9,040 $ 3, 150 $ 1,620 $ 2,900 $ 415 $ 1 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,700 plus $30 per job, and the actual mobile lab operating expenses for February were $9,040. The company expected to work 150 jobs in February, but actually worked 160 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (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.) AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results Flexible Budget Planning Budget Jobs 160 Revenue $ 38,650 Expenses: 8,450 Technician wages Mobile lab operating expenses Office expenses 9,040 3,150 Advertising expenses 1,620 Insurance 2,900 Miscellaneous expenses 415 Total expense 25,575 $ 13,075 Net operating income