Exercise 9-4 (Static) 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 48 Flexible Planning Budget Budget 48 50 Flights (9) $ 13,650 $ 15,360 $ 16,000 Revenue ($320.00) Expenses: Wages and salaries ($4,000 + $82.009) Fuel ($23.00) Airport fees ($650 + $38.089) Aircraft depreciation ($7.009) Office expenses ($190 + $2.00) Total expense Net operating income 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 336 460 286 290 12,836 12,136 12,440 814 $ 3,224 $ 3,560 35e $ 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 (i.e., zero variance). Input all amounts as positive values.) 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 (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Variances Budget 48 Actual Results 48 Activity Variances Planning Budget 50 Flights $ 13,650 S 15,360 S 350 $ 16,000 Revenue Expenses Wagos and salarios Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,430 1,260 2,350 336 7,936 1,104 2.474 336 286 8,100 1,150 2,550 350 290 12,440 3,560 460 12,836 814 12.136 3,224 $ $ $