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 conceming the company's operations in July appear below. Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($360.00) Expenses: Wages and salaries (53, 300 $90.004) Aircraft depreciation ($10.00g) Fuel ($33.009) Airport fees (5810 $31.000) Office expenses ($220 $1.00g) Total expense Net operating income Actual Results 53 Flexible Budget Planning Budget 53 51 $ 16,300 $ 19,080 $ 18,360 8,030 8,070 7,890 1,913 1,749 1,683 2,323 2,453 2,391 530 530 510 441 273 271 13,237 13,075 12,745 $ 3,063 $ 6,005 $ 5,615 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 Actual Results 53 $ 16,300 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 53 51 19,080 $ 18,360 Revenue Expenses Wages and salanes 8,030 8,070 7,890 Fuel 1,913 1,749 1,683 Airport fees 2,323 2,453 2,391 Aircraft depreciation 530 530 510 Office expenses 441 273 271 Total expense 13,237 13,075 12,745 Net operating income $ 3,063 $ 6,005 $ 5,615