4 Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 2 points 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 eBook Hint Print Flights (g) Revenue ($360.00g) References Expenses: Wages and salaries ($3,600 + $89.00g) Fuel ($32.00g) Airport fees ($880 +$34.00g) Aircraft depreciation ($10.00g) Office expenses ($240 + $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 58 58 56 $ 16,400 $ 20,880 $ 20,160 8,724 8,762 8,584 2,022 1,856 1,792 2,707 2,852 2,784 580 466 14,499 580 560 298 14,348 296 14,016 $ 1,901 $ 6,532 $ 6,144 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