Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights
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Question:
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.)
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Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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