Exercise 9-4 Prepare a Flexible Budget Performance Report [LO9-41 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 48 Flexible Budget 48 Planning Budget 50 $ 13,650 $ 15,360 $ 16,000 2 3 4 5 6 7 8 9 10 11 12 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 26 27 28 29 30 31 32 Flights (9) Revenue ($320.00) Expenses: Wages and salaries ($4,000+ $82.00) Fuel ($23.004) Airport fees ($650 + $38.000) Aircraft depreciation ($7.000) Office expenses (S190 + $2.009) Total expense Net operating income 8,430 1,260 2.350 336 460 12.836 814 S 7.936 8,100 1,104 1,150 2.474 2.550 336 350 286 290 12.136 12.440 3.224 $ 3.560 $ 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Flexible Spending Variances Budget Actual Results Activity Variances Planning Budget Flights 34 35 Revenue 36 37 38 39 40 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 41 42 43 44 45 46 47 48