EXERCISE 9-4 Prepare a Flexible Budget Performance Report LO9-4 Vulcan F lyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State ively erupted in 1982. Data concerning the company's operations in July appear below: that explosi Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Planning Budget Budget 48 48 50 $13,650 $15.360 $16.000 Revenue ($320.00q) Expenses: 8,430 1,260 2,350 336 460 7,936 1,104 2,474 336 286 8,100 1,150 2,550 350 290 Office expenses ($190$2.00q) .. .. 12,83612.130 Total expense . 814 3,224 $ 3,560 Net operating income its activity in terms of flights. Customers can buy individual tickets for The company overflights or hire an entire plane for an overflight at a discount. Required: I. Using Exhibit 9-8 as your guide, prepare a flexible budget performance report for July that measures includes revenue and spending variances and activity variances. Which of the variances should be of concern to management? Explain. 2