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EXERCISE 9-4 Prepare a Flexible Budget Performance Report LO9-4 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: 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. Using Exhibit 98 as your guide, prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. 2. Which of the variances should be of concern to management? Explain. EXHIB|T 98 Dorformance Report Combining Activity Variances with Revenue and Spending Variances