Vulcan Flyovers Operating Data For the Month Ended July 31
	Actual Results		Flexible Budget		Planning Budget
Flights (q)		57		57		55
Revenue ($360.00q)	$	16,200	$	20,520	$	19,800
Expenses:
Wages and salaries ($3,500 + $87.00q)		8,425		8,459		8,285
Fuel ($30.00q)		1,880		1,710		1,650
Airport fees ($870 + $33.00q)		2,606		2,751		2,685
Aircraft depreciation ($11.00q)		627		627		605
Office expenses ($230 + $1.00q)		455		287		285
Total expense		13,993		13,834		13,510
Net operating income	$	2,207	$	6,686	$	6,290

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.

Complete the flexible budget performance report abstract for July. (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		Activity Variances
Revenue
Expenses:
Wages and salaries
Fuel
Airport fees
Aircraft depreciation
Office expenses
Total expense
Net operating income