Exercise 9-4 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 companys operations in July appear below:

Vulcan Flyovers Operating Data For the Month Ended July 31
	Actual Results		Flexible Budget		Planning Budget
Flights (q)		59		59		57
Revenue ($340.00q)	$	16,500	$	20,060	$	19,380
Expenses:
Wages and salaries ($3,800 + $89.00q)		9,013		9,051		8,873
Fuel ($33.00q)		2,111		1,947		1,881
Airport fees ($870 + $34.00q)		2,766		2,876		2,808
Aircraft depreciation ($8.00q)		472		472		456
Office expenses ($240 + $1.00q)		467		299		297
Total expense		14,829		14,645		14,315
Net operating income	$	1,671	$	5,415	$	5,065

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.	Complete the flexible budget performance report abstract for July.