Exercise 9-4 (Algo) 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 FlexiblePlanning Results Budget Budget 55 55 53 Flights (9) $16,300 $18,975 $18,285 7,830 7,798 1,926 1,760 7,658 1,696 Revenue ($345.009) Expenses: Wages and salaries ($3,100 + $86.00g) Fuel ($32.009) Airport fees ($840 + $33.00) Aircraft depreciation ($10.00g) Office expenses ($230 + $1.009) Total expense Net operating income 2,515 2,655 2,589 550 550 530 453 285 283 13, 242 13,080 12,756 $ 3,058 $ 5,895 $ 5,529 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 Actual Flexible Results Budget 55 55 Planning Budget 53 Flights $ 16,300 $ 18,975 $ 18,285 7,798 7,830 7,658 1,926 2,515 1,760 2,655 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,696 2,589 550 550 530 453 13,242 285 13,080 283 12,756 $ 3,058 $ 5,895 $ 5,529