1 Flexible Budget 54 $ 19,170 Planning Budget 52 $ 18,460 166 points Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 54 Revenue ($355.00g) $ 16,300 Expenses: Wages and salaries ($3,500 + $88.009) 8,216 Fuel ($34.009) 1,998 Airport fees ($B40 + $33.00g) 2,522 Aircraft depreciation ($10.009) 540 Office expenses ($250 + $1.00) 472 Total expense 13,748 Net operating income $ $ 2,552 8,076 1,768 cBook 8,252 1,836 2,622 540 304 13,554 $ 5,616 2,556 520 302 13,222 $ 5,238 Hint 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. References 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 Flexible Budget 54 S 19,170 Actual Results 54 $ 16,300 Planning Budget 52 Flights Revenue S 18,460 Expenses: Wages and salaries Fuel 8,252 8,076 8,216 1.998 1,768 2,556 520 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,522 540 472 13,748 2.552 1,836 2,622 540 304 13,554 5,616 302 13,222 5,238 $ S $