1 Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report (LO9-4) 5 points Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Plyovers Operating Data For the Month Ended July 31 Actual Results 53 eBook Flexible Planning Budget Budget 53 51 Plights (9) OOO Hint $ 16,400 $ 18,285 $ 17,595 Print Revenue ($345.00) Expenses : Wages and salaries ($3,700 + $85.00) Fuel ($32.009) Airport fees ($830 + $33.009) Aircraft depreciation ($10.00g) Office expenses ($250 + $1.00g) Total expense Net operating income 8,175 8, 205 8,035 1,862 1,696 1,632 2,469 2,579 2,513 530 530 510 471 303 301 13,507 13,313 12,991 $ 2,893 $ 4,972 $ 4,604 References The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget Flights 53 53 51 Revenue $ 16,400 $ 18,285 $ 17.595 Expenses: Wages and salaries Fuel 8,175 8,205 8,035 1,862 1,696 1,632 2,469 2,579 2,513 530 530 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 471 13,507 2,893 303 13,313 4,972 510 301 12,991 $ $ $ 4,604