1 Exercise 9-4 (Static) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Book Flights (9) Revenue ($320.009) Hint Print Expenses: Wages and salaries ($4,000+ $82.009) Fuel ($23.009) Airport fees ($650 +$38.009) Aircraft depreciation ($7.009) Office expenses ($190 + $2.00q) Total expense Net operating income ferences Actual Results Flexible Budget Planning Budget 48 48 50 $ 13,650 $ 15,360 $ 16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 336 350 460 286 12,836 $ 814 12,136 290 12,440 $ 3,224 $ 3,560 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 24