Exercise 9-4 (Static) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint 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 ences Flights (q) Revenue ($320.00q) Expenses: wages and salaries ($4,000+ $82.000) Fuel ($23.00g) Airport fees (5650 +$38.000) Aircraft depreciation ($7.009) office expenses ($190 + $2.000) Total expense Net operating incone Actual Results Flexible Budget Planning Budget 48 48 50 $ 13,650 $ 15,360. $ 16,000 8,430 7,930 8,100 1,200 1,104 1,150 2,350 2,474 2,550 336 336 350 460 286 290 12,836 12, 136 12,440 5814 $ 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.