3 15 poima 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 oBook Flights (4) Hire Ask Prz Reforancas Revenue ($345.00) Expenses: Mages and salaries ($3,200 $91.000) Fuel ($32.00) Airport fees (5870 +$30.00) Aircraft depreciation ($8.00g) Office expenses ($200 $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 52 52 50 $16,200 $ 17,940 $ 17,250 7,890 7,932 7,750 1,830 1,664 1,600 2,325 2,430 2,370 416 416 480 420 252 250 12,881 $ 3,319 12,694 35,246 12,370 $ 4,850 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 verience by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance). Input all amounts as positive values.) Vulcan Flyovers Chapter 98 Homework Problems 15 3 points allook Hm A Seet 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 (ie, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Fights Revenue Actual Results 52 $ 16.200 Flexible Budget Planning Budget 52 50 $ 17,940 $ 17.250 Expenses Wages and salaries 7.000 + Fuel 1,030 Airport fees 2.325 7.932 1,664 2,430 7,750 1,000 2,370 Aircraft depreciation 416 410 400 Office expenses 420 252 250 Total expense 12,881 12.004 12.370 Net operating income $ 3,319 $ 5,246 $ 4,580 Nav N Help Save & Exh Check