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 company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 57 57 55 Flights (9) $ 16,400 $ 19,950 $ 19, 250 2,711 Revenue ($350.000) Expenses: Wages and salaries ($3,300 + $91.00) Fuel ($32.00) Airport fees ($830 + $33.00) Aircraft depreciation ($9.00) Office expenses ($220 + $1.000) Total expense Net operating income 8,445 8,487 8,305 1,990 1,824 1,760 2,566 2,645 513 513 495 445 277 13,959 13,812 13,480 2,441 $ 6,138 $ 5,770 275 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 Flexible Budget 57 Actual Results Planning Budget 55 Flights 57 Revenue $ 16,400 $ 19,950 $ 19,250 Expenses: Wages and salaries 8,445 8,487 8,305 Fuel 1,990 1,824 1,760 Airport fees 2,566 2,711 2,645 513 513 495 445 277 275 Aircraft depreciation Office expenses Total expense Net operating income 13,959 13,812 13,480 $ 2,441 $ 6,138 $ 5,770