4 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 8 01:18:00 Flights (9) eBook Revenue ($355.009) Expenses: Wages and salaries ($3,700+ $86.009) Fuel ($34.009) Airport fees ($850 +$34.009) Aircraft depreciation ($9.009) office expenses ($210 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 53 53 51 $ 16,100 $ 18,815 $ 18,105 8,226 8,258 8,086 1,964 1,802 1,734 2,532 2,652 2,584 477 477 459 431 263 13,630 13,452 $ 2,470 $ 5,363 $ 4,981 261 13,124 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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) Flights Revenue Actual Results 53 S 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 53 51 $ 18,815 $ 18,105 Expenses: Wages and salaries 8,226 8,258 8,086 Fuel 1,964 1,802 1,734 Airport fees 2,532 2,652 2,584 Aircraft depreciation 477 477 459 Office expenses 431 263 261 Total expense 13,630 13,452 13,124 Net operating income S 2,470 $ 5,363 $ 4,981 5 Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: 01:17:40 Skipped eBook Direct materials Direct labor Hours Standard Quantity or Standard Price or Rate $ 2.90 per pound $ 9.00 per hour Standard Cost $ 19.72 $ 1.80 6.80 pounds 0.20 hours During the most recent month, the following activity was recorded: a. 15,100.00 pounds of material were purchased at a cost of $2.60 per pound. b. All of the material purchased was used to produce 2,000 units of Zoom. c. 300 hours of direct labor time were recorded at a total labor cost of $3,300. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as positive values. Round your Intermediate calculations to the nearest whole dollar.) 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance