Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 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 Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($345.00q)) Expenses: Wages and salaries ($3,200 +$90.00q) Fuel ($33.00q) Airport fees ($860 +$33.00q) Aircraft depreciation ($8.00q) Office expenses ($240+ $1.00q) Total expense Net operating income Actual Results Flexible Budget Planning Budget 60 60 58 $ 16,300 $ 20,700 $ 20,010 8,560 8,600 8,420 2,144 1,980 1,914 2,720 2,840 2,774 480 480 464 468 300 298 14,372 14,200 13,870 $ 1,928 $ 6,500 $ 6,140 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.) 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.) Flights Revenue Actual Results 60 $ 16,300 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible. Budget Planning Budget 60 58 $ 20,700 $ 20,010 Expenses: Wages and salaries 8,560 8,600 8,420 Fuel 2,144 1,980 1,914 Airport fees 2,720 2,840 2,774 Aircraft depreciation 480 480 464 Office expenses 468 300 298 Total expense 14,372 14,200 13,870 Net operating income $ 1,928 $ 6,500 $ 6,140