Exercise 9.4 (Algo) Prepare a Flexible Budget Performance Report (L09-4) 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 Flights (9) 61 59 61 $ 16,200 $ 21,655 $ 28,945 Revenue ($355.00) Expenses: Wages and salaries ($3,700 + $86.600) Fuel ($34.689) Airport fees ($820 + $34.00) Aircraft depreciation ($10.ee) Office expenses ($220 + $1.ee) Total expense Net operating income 8,914 8,946 8,774 2,236 2,074 2,006 2,749 2,894 2,826 610 610 590 449 281 279 14,958 14,885 14,475 $ 1,242 56,850 $ 6,470 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 Actual Results Planning Budget 59 Flights 61 61 $ 16,200 $ 21,655 $ 20,945 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Not operating income 8,914 2,236 2,749 610 449 14,958 1.242 8,946 2,074 2,894 610 281 8.774 2,006 2,826 590 279 14,475 6,470 14,805 6,850 $ $ $