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 Results Flexible Planning Budget Budget Flights (9) 61 $ 16,400 $ 21,960 $ 21, 240 Revenue ($360.809) Expenses: Wages and salaries ($3,388 + $87.009) Fuel ($31.899) Airport fees ($800 + $32.289) Aircraft depreciation ($9.089) Office expenses ($230 + $1.899) Total expense 8,573 2,259 2,652 549 459 14,292 2,108 8,607 1,891 2,752 549 291 14,092 7,878 $ 8,433 1,829 2,688 531 289 13,778 7,479 $ $ Net operating income 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 varlances and activity varlances. (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 as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 61 Actual Results Planning Budget Flights 61 Revenue $ 16,400 $ 21,960 $ 21,240 Expenses: Wages and salaries Fuel 8,607 1,891 8,433 1.829 2,688 8,573 2.059 2,652 549 459 14,292 2,108 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2.752 549 291 14,090 7,870 $ | $ $ 7,470