01 nces 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 (4) Revenue ($340.eeg) Expenses: Wages and salaries ($3,800 +$86.000) Fuel ($30.00) Airport fees ($820 +$35.009) Aircraft depreciation ($8.000) Office expenses ($250 +$1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 59 59 57 $ 16,200 $ 20,060 $ 19,380 8,842 8,874 8,702 1,940 1,770 1,710 2,770 2,885 2,815 472 472 456 477 309 307 14,501 $1,699 14,310 13,990 $ 5,758 $5,390 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 (ie., zero variance). Input all amounts as positive values. Vulcan Flyovers Flights Actual Results 50 S 16,200 Revenue Expenses Wages and salaries 8.842 Fuel 1,940 Airport fees 2,770 Aircraft depreciation 472 199 Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 59 57 $ 20,060 $ 19,380 8,874 8,702 1,770 1,710 2,885 2,815 472 456 lights (e) 59 Revenue ($548.eng) $16,200 59 29,96 57 19.389 Expenses Mages and salaries ($3,000 586.00) 3,842 8,874 Fuel ($38.00) 3,948 1,779 1,714 Airport fees ($820 +$35.00) 2,778 Aircraft depreciation ($8.00) 472 472 456 office expenses ($250 - $1.000) 477 307 Total expenses Net operating income 14,501 $1,499 14,310 $5,750 $5.990 he company measures its activity in terms of fights. Customers can buy individual tickets for overflights or hire an entire plane at a scount Prepare a flexible budget performance report for July lote: Indicate the effect of each variance by selecting for favorable, "U" for unfavorable, and "None" for no effect e, zero ariance). Input all amounts as positive values. Vulcan Flyover equired: Fights Revenue Flexible Budget Performance Report For the furth Ended July 31 Flexible Actual Res 59 $ 16.200 Planing Budget $ 20060 $ 19.380 8374 1770 2805 8,702 1,710 2015 458 309 307 13.000 5.300 Expenses Wages and salaries 0842 Fu 1940 Algorf 2.770 Arcat depreciation 472 412 Ofice expenses 477 54501 14.310] Net operating come $ 100 3 5,750 > E \ C 00 S A 8 3 4 5 6 7 B 19 W E R T Y S D F G H X C V B 0 Z K M