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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: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 56 Flights (q) 58 58 $ 16,500 $ 20,010 $19,320 Revenue ($345.00g) Expenses: Wages and salaries ($3,100 $92.00g) Fuel ($31.00g) Airport fees ($810 $32.00g) Aircraft depreciation ($9.00g) Office expenses ($230 $1.00g) 8,252 1,736 2,602 504 286 13,892 13,710 13,380 2,608 6,300 5,940 8,392 1,966 2,556 522 456 8,436 1,798 2,666 522 288 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget Actual Results Flights 58 58 56 Revenue $16,500 $20,010 19,320 Expenses