22 Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in...

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22 Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($350.00q) Expenses: Wages and salaries ($3,500+ $91.00q) Fuel ($31.00q) Airport fees ($810 +$34.00q) Aircraft depreciation ($9.00q) Office expenses ($230 +$1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,200 $ 19,600 $ 18,900 8,554 8,596 8,414 1,904 1,736 1,674 2,609 2,714 2,646 504 504 486 454 286 284 14,025 13,836 13,504 $ 2,175 $ 5,764 $ 5,396 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: 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. 22 Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($350.00q) Expenses: Wages and salaries ($3,500+ $91.00q) Fuel ($31.00q) Airport fees ($810 +$34.00q) Aircraft depreciation ($9.00q) Office expenses ($230 +$1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,200 $ 19,600 $ 18,900 8,554 8,596 8,414 1,904 1,736 1,674 2,609 2,714 2,646 504 504 486 454 286 284 14,025 13,836 13,504 $ 2,175 $ 5,764 $ 5,396 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: 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.

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To prepare a flexible budget performance report for July we need to calculate the variances between ... View the full answer