4 Exercise 9-4 Prepare a Flexible Budget Performance Report (L09-4) 20 points Vulcan Flyovers offers scenic overflights of Mount St. 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 Flexible Planning Results Budget Budget Flights () 59 57 book Hint $ 16,300 $ 20,060 $ 19,380 Revenue ($340,0) Expenses Wages and salaries (5),400 + $89.00) Fuel (533.000) Airport fees (5830 - $10.000) Aircraft depreciation ($11.00) office expenses (5210 51.004) Total expense et operating Income 8,61 8,551 8,473 2,111 1,947 1,881 2,490 2,600 2,500 649 649 627 432 269 267 14,30 13,78 $ 2,000 5,5 5,592 References 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 effectie, 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 i.e., zero variance). Input all amounts as positive values.) DO Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Flights Planning Budget 57 59 $ 16 300 $ 20.000 $ 19,380 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 3,613 2 111 8,651 1,947 2600 8,473 1881 2.540 2490 849 649 437 Total expense 14300 267 13,700 5,590 Net operating income $ 14.116 5944 2,000 $ S