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EXERCISE 94 Prepare a Flexible Budget Performance Report 1094 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 Flexible Planning Budget Budget Results Flights (9) 48 48 50 Revenue ($320.007) $13,650 $15,360 $16,000 Expenses: Wages and salaries ($4,000 + $82.007) 8,430 7,936 8,100 Fuel ($23.009) 1,260 1,104 1,150 Airport fees ($650 + $38.009) 2,350 2.474 2,550 Aircraft depreciation ($7.007) 336 336 350 Office expenses ($190 + $2.00q) 460 286 290 Total expense 12,836 12,136 12,440 Net operating income $ 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. Using Exhibit 9-8 as your guide, prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. 2. Which of the variances should be of concern to management? Explain