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 57 Flexible Planning Budget 57 Flights (o) $ 16,300 $ 19,665 $ 18,975 Revenue ($345.000) Expenses Wages and salaries ($3,100 $90,000) Fuel (32.000) Airport fees ($870 $31.000) Aircraft depreciation ($10.000) Office expenses ($240 - $1.000) Total expense Net operating income 8,190 8,230 8,050 1,990 1,824 1,760 2,492 2,637 2,575 570 570 550 465 297 295 13,707 13.558 13,230 $ 2,593 $ 6,107 $5,745 The company measures its activity in terms of flights. Customers can buy individual tickets for overtlights 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 (.e., zero variance). Input all amounts os positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 55 Flights 57 57 $ 16,300 $ 19.005 $ 18,975 8,100 1.990 Revenue Expenses Wages and salanes Fuel Airport foes Aircraft depreciation Office expenses Total expense Not operating income 2.492 570 465 13,707 2,593 8.230 1,824 2637 570 297 13,558 6,107 8,050 1.700 2,575 550 205 13.230 5,745 $ $