Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report (L09-4) Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1983. Data concerning the company's operations in July appear below. Vulcan Yiyover's Operating Data Tor the Month Ended July 31 Actual maxiBlo Planning Results Budget Flights to Budget 59 59 57 Revenue $350.009) $ 16,300 $20.650 $19.950 Expenses: Wages and salaries ($3,700 + $88.009) 8,856 Tuel ($31.009) 8,892 8,716 1,997 1.829 1,767 Airport fees (5800 - $35.000) 2.250 2.865 2,795 Alreraft depreciation ($11.009) 649 649 627 oftice expenses ($250 - $1.000) 472 309 302 Total expense 14,729 14,544 14,212 Net operating income $ 1,571 $ 6,106 $ 5,730 The company measures its activity in terms of flights. Customers can buy individual tickets for overlights 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 (1.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 59 $ 20.650 Actual Results 59 78,300 Planning Budget 57 $ 19,950 $ Flights Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Not operating income 8,856 1,907 2,750 540 477 14,720 1.571 8.892 1.829 2.865 649 300 14,544 8.716 1,767 2.795 627 307 14,212 5.738 $ 8,100