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 ($320.899) Expenses: Wages and salaries ($4,088 + $82.009) Fuel ($23.889) Airport fees ($650 + $38.809) Aircraft depreciation ($7.089) Office expenses ($190 + $2.089) Total expense Net operating income 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,55e 336 336 350 460 286 290 12,836 12,136 12,440 $ 814 $ 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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 48 Actual Results Planning Budget 50 Flights 48 Revenue $ 13.650 $ 15.360 s 16,000 Expenses: Wages and salaries 8.430 7,938 8.100 Fuel 1.280 1,104 1,150 Airport fees 2.350 2.474 2,550 336 338 350 Aircraft depreciation Office expenses Total expense 480 286 290 12.838 12.136 12,440 Net operating income $ 814 $ 3.224 S 3,560