1 Exercise 9-4 Prepare a Flexible Budget Performance Report [LO9-4] 50 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: points lyovers Operating Data For the Month Ended July 31 Vulcan eBook Actual Flexible Planning Budget 54 Hint Results Budget 56 Flights (q) 56 Print $16,400 $19,880 $19,170 Revenue ($355 . 00q) Expenses: Wages and salaries ($3,600 $88.00g) Fuel ($31.00q) References 8,492 8,528 8,352 1,904 2 616 1,736 2 616 1,674 $860 $33.o Aircraft depreciation ($11.00g) 594 474 306 304 office expenses ($250 + $1.00q) Total expense 14,089 13,894 13,566 2,311 5,986 5,604 Net operating income terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an The company measures its activity 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.) 1 Required: . 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.) 50 points Vulcan Flyovers Flexible Budget Performance Report eBook For the Month Ended July 31 Flexible Planning Budget Hint Actual Results Budget Flights Print 56 56 54 References Revenue S S 16,400 19,880 19,170 Expenses: Wages and salaries 8,492 8,528 8,352 Fuel 1,904 1,736 1,674 Airport fees 2,603 2,708 2,642 Aircraft depreciation 594 616 616 Office expenses 474 306 304 Total expense 14,089 13,894 13,566 Net operating income S 2,311 S 5,986 S 5,604