Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report (L09-4) Vulcan Flyovers offers scenic overfights 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 Flyover Operating Data For the Month Ended July 31 Actual Plexible Planning Results Budget Budget 62 Flights to $ 16,000 $21,700, 521,000 Revenue (5350.009) Expenses Wages and salaries (53,300 + 505.004) Tel 531.0041 Airport fees (5810 + $33.009) Arcraft depreciation (510.000) Office expenses (9220 - $1.000) Total expense set operating income 8.340 8,570 8,400 2,090 1.922 1,860 2,796 2.926 2.860 620 600 450 282 200 14,496 14,320 14.000 $ 1.504 $ 7,30 $ 7.000 620 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for on overflight at a discount Required: 1. Prepare a fiexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "P" for favorable. "U" for unfavorable, and "Nono* for no effect (1.o., zero variance). Input all amounts as positive values.)