Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July...

Transcribed Image Text:

Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($360.009) Expenses: Wages and salaries ($3,500 + $87.009) Fuel ($34.009) Airport fees ($810 + $30.009) Aircraft depreciation ($11.00q) Office expenses ($220 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 60 60 58 $ 16,100 $ 21,600 $ 20,880 8,686 8,720 8,546 2,202 2,040 1,972 2,470 2,610 2,550 660 660 638 448 280 278 14,466 14,310 13,984 $ 1,634 $ 7,290 $ 6,896 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: 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 offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($360.009) Expenses: Wages and salaries ($3,500 + $87.009) Fuel ($34.009) Airport fees ($810 + $30.009) Aircraft depreciation ($11.00q) Office expenses ($220 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 60 60 58 $ 16,100 $ 21,600 $ 20,880 8,686 8,720 8,546 2,202 2,040 1,972 2,470 2,610 2,550 660 660 638 448 280 278 14,466 14,310 13,984 $ 1,634 $ 7,290 $ 6,896 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: 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.