10 Check my work 16 Exercise 9-4 Prepare a Flexible Budget Performance Report [LO9-4] 10 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 Flyovers Operating Data For the Month Ended July 31 eBook Actual Flexible Planning Hint Results Budget Budget 57 Flights (g) 59 59 Print 16,300 21,240 $20,520 Revenue ($360.00g) Expenses: References Wages and salaries ($3,600+$91.00g) Fuel ($31.00g) Airport fees ($800$31.00g) Aircraft depreciation ($9.00g) Office expenses ($240 +$1.00g) 8,787 1,767 2,567 513 297 14,416 14,257 13,931 $ 1,884 $ 6,983 6,589 8,927 1,997 2,494 8,969 1,829 2,629 531 299 531 467 Total expense Net operating income 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.)