12 Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 2 points 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: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results eBook Flights (q) Revenue ($350.00g) Hint Expenses: Print o References Wages and salaries ($3,300 + $91.00g) Fuel ($32.00g) Airport fees ($800+ $31.00g) Aircraft depreciation ($9.00g) Office expenses ($210 + $1.00g) Total expense Net operating income Flexible Budget Planning Budget 54 $ 16,000 54 $ 18,900 52 $ 18,200 8,172 8,214 8,032 1,894 1,728 1,664 2,364 2,474 2,412 486 432 486 468 264 262 13,348 13,166 12,838 $ 2,652 $ 5,734 $ 5,362 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.) Flights Revenue Expenses: Wages and salaries Fuel Actual Results 54 $ 16,000 8,172 1,894 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 54 52 $ 18,900 $ 18,200 8,214 1,728 8,032 1,664 12 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results 2 points Flights (q) Revenue ($350.00g) Expenses: Wages and salaries ($3,300 + $91.00g) Fuel ($32.00g) Airport fees ($800+ $31.00g) eBook Aircraft depreciation ($9.00g) Office expenses ($210 + $1.00g) Total expense 54 $ 16,000 $ 18,900 Flexible Budget 54 Planning Budget 52 $ 18,200 8,172 8,214 8,032 1,894 1,728 1,664 2,364 2,474 2,412 486 486 468 432 13,348 264 13,166 262 12,838 $ 2,652 $ 5,734 $ 5,362 Hint Print 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.) References Flights Revenue Actual Results 54 $ 16,000 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 54 52 $ 18,900 18,200 Expenses: Wages and salaries 8,172 8,214 8,032 Fuel 1,894 1,728 1,664 Airport fees 2,364 2,474 2,412 Aircraft depreciation 486 486 468 Office expenses 432 264 262 Total expense 13,348 13,166 12,838 Net operating income $ 2,652 $ 5,734 $ 5,362