14 0.27 H 01 Exercise 9-4 (Algo) 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 Flexible Planning Budget Budget Plight (9) 59 59 Revenue ($355.00 16,500 20,945 20.235 Wages and salaries (53,700 +$10.00) 8.970 9,010 Fuel ($33.09g) 2,111 1,94 Airport fees (5640 $30.000) 3,495 2.610 2,550 Aircraft depreciation ($10.00) 590 590 570 office expenses (8250 $1.000) 477 309 307 Total expense Net operating inco 14,443 $1,857 14,330 15,479 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 (Le, zero variance). Input all amounts as positive values.) Actuall Fights 59 $ 16,500 Vulcan Flyovers Fies Budget Performance Report For the Month Enited July 31 Flexible Budget Planning Budget 57 20,045 20,238