Exercise $9-4($Algo$)$ Prepare a Flexible Budget Performance Report $[$LO$9-4]$

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 FlyoversOperating DataFor the Month Ended July $31$Actual ResultsFlexible BudgetPlanning BudgetFlights $($q$)535351$Revenue $($$$350\mathrm{.}00$q$)$$ $16,000$$ $18,550$$ $17,850$Expenses:$$Wages and salaries $($$$3,700+$ $$87\mathrm{.}00$q$)8,2778,3118,137$Fuel $($$$34\mathrm{.}00$q$)1,9641,8021,734$Airport fees $($$$870+$ $$31\mathrm{.}00$q$)2,3732,5132,451$Aircraft depreciation $($$$10\mathrm{.}00$q$)530530510$Office expenses $($$$220+$ $$1\mathrm{.}00$q$)441273271$Total expense$13,58513,42913,103$Net operating income$$2,415$$ $5,121$$ $4,747$

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.

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. Exercise $9-4($Algo$)$ Prepare a Flexible Budget Performance Report $[$LO$9-4]$

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:

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.

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. Required:

$1.$ Prepare a flexible budget performance report for July that includes revenue and spending variances and activity varianc Note: Indicate the effect of each variance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no effect $($ variance$).$ Input all amounts as positive values.