Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively...

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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: Vülcan Flyovers Operating Data For the Month Ended July 31 Actual Results 53 $ 16,200 Flexible Planning Budget 53 $ 18,815 Budget Flights (q) Revenue ($355.00g) Expenses: Wages and salaries ($3,500 + $89.00g) Fuel ($31.00q) Airport fees ($870 + $34.00g) Aircraft depreciation ($11.00g) Office expenses ($220 + $1.00q) Total expense 51 $ 18,105 8,179 1,811 2,532 583 441 8,217 1,643 2,672 583 273 8,039 1,581 2,604 561 271 13,546 $ 2,654 13,388 $ 5,427 13,056 $ 5,049 Net operating income 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances Actual Results Flexible Budget Planning Budget Activity Variances Flights 53 53 51 Revenue 16,200 18,815 18,105 Expenses: Wages and salaries 8,179 8,217 8,039 Fuel 1,811 1,643 1,581 Airport fees 2,532 2,672 2,604 Aircraft depreciation 583 583 561 Office expenses 441 273 271 Total expense 13,546 13,388 13,056 Net operating income 2,654 5,427 5,049 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: Vülcan Flyovers Operating Data For the Month Ended July 31 Actual Results 53 $ 16,200 Flexible Planning Budget 53 $ 18,815 Budget Flights (q) Revenue ($355.00g) Expenses: Wages and salaries ($3,500 + $89.00g) Fuel ($31.00q) Airport fees ($870 + $34.00g) Aircraft depreciation ($11.00g) Office expenses ($220 + $1.00q) Total expense 51 $ 18,105 8,179 1,811 2,532 583 441 8,217 1,643 2,672 583 273 8,039 1,581 2,604 561 271 13,546 $ 2,654 13,388 $ 5,427 13,056 $ 5,049 Net operating income 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances Actual Results Flexible Budget Planning Budget Activity Variances Flights 53 53 51 Revenue 16,200 18,815 18,105 Expenses: Wages and salaries 8,179 8,217 8,039 Fuel 1,811 1,643 1,581 Airport fees 2,532 2,672 2,604 Aircraft depreciation 583 583 561 Office expenses 441 273 271 Total expense 13,546 13,388 13,056 Net operating income 2,654 5,427 5,049

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