14 Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 0.27 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: eBook Hint Flexible Budget 54 $ 19,440 Planning Budget 52 $ 18,720 Print References Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 54 Revenue ($360.009) $ 16,500 Expenses: Wages and salaries ($3,500 + $88.009) 8,216 Fuel ($31.009) 1,842 Airport fees ($890 + $34.009) 2,621 Aircraft depreciation ($8.009) 432 Office expenses ($210 + $1.009) 432 Total expense 13,543 Net operating income $ 2,957 8,252 1,674 2,726 432 264 13, 348 $ 6,092 8,076 1,612 2,658 416 262 13,024 $ 5,696 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 (.e., zero variance). Input all amounts as positive values.) 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 54 52 54 16,500 $ F $ 19,440 F $ 18,720 Flights Revenue Expenses: Wages and salaries Fuel 8,216 U 8,252 8.076 1,842 F 1,674 None U F 1.612 2,621 U 2,726 2,658 432 432 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 264 432 13,543 416 262 13,024 5,696 F F LU 13,348 $ 2,957 U $ 6,092 $