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 Flights (q) Revenue ($355.00q) Reults Budget Budget 54 S 16,400 $19,880 $19,170 56 56 Fuel ($33.00q) Airport fees ($840 $34.00q) Aircraft depreciation ($11.00g) Office expenses ($250+ $1.00q) Wages and salaries ($3,800 $90.00q) 8,800 8,840 8,660 2,012 1,848 1,782 2,609 2,744 2676 594 304 616 474 616 306 Total expense 14,511 14,354 14,016 Net operating income S 1,889 5,526 S 5,154 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. (Indicate the effect of each variance by selecting "F-for favorable,'U" for unfavorable, and "None" for no effect (ie.. zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 e and Variances Activity Variances Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income