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 1 Actual Results 53 Flights (a) Flexible Planning Budget 5 16.100 1 10.020 $ 17.40 Ravenue ($140.00) Expenses Wages and salaries ($3,600 - 191.604) Fuel (532) Airport fees (514.530.00) Aircraft depreciation (58) office expenses ($220 51.000) Total expense Net operating Income 3:38 8,241 1.862 1,696 1,532 2,20 2,170 424 424 43 441 271 13.46 52,724,176 $4.018 to The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overfight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity vanances. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None for no effect (.e., zero variance). Input all amounts os positive values.) Vulcan Flyoves Saved overignt 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 (l.e., zero variance). Input all amounts as positive values.) Vulean Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Flights 53 Planning Budget 51 53 $ 10,300 5 19.020 Revenue Expenses Wages and salaries Fuel 17,340 8.381 1.802 8,241 8.423 1.600 2.430 1,832 424 2370 Airport fees Aircraft depreciation O expenses Total expense Net operating income 424 13.420 2.872 273 13.240 400 27+ 12.022 4.458 $ 4.774