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: 2.5 points Budget Hok valcan Flyovers Operating Data For the vanth Ended July 31 Notual Plexible Flanning Results Budget Flights (c) 52 52 50 Revenue ($355.00) $ 16,100 $ 18,460 $ 17,750 Expenses Wages and salaries ($3,30D + $90.0001 7,980 7,800 Fuel ($33.cgi 1,883 1,216 1,650 Airport fees 15870 - $34.00) 2,50B 2,638 2,50 Aircraft depreciation $11.002) 572 572 550 Ottice expenses +230 + $1.009) 450 2B2 230 Total expense 13,350 13,188 12,50 Net Dating in $ 2,750 $ 5,272 $ 4,900 Hinc Print Referencer 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 52 5 18.450 Actual Results Planning Budget 52 50 S 18,100 5 17.750 Flights Revenus Expenses: Wages and salaries Fuel 7.800 7,840 1,880 2,508 1.550 7980 1.716 2638 572 2,570 Airport fees Aircraft depreciation 572 550 mar $ 16,00 $ 19,460 4 $ 17,750 Revenue ($355.009) Expenses: Wagen und leries ($3.500 $90.000 ($! Fuel ($33.000 Sirport fees SBYO . $34.00) Aircraft depreciation 1511.009) aflce expenses ($2.30 + $1.00) Total experie Net operating income 2.5 points 7,943 1,880 2,508 572 153 13,350 $ 2,750 7,980 1,716 2,638 572 282 13,138 $ 5,272 7,00 1,650 2,5TO 550 280 12,950 $ 4,900 ellos The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an cr overflight at a discount. 4 ! Hin Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity varlances. (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.) Reference Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 52 $ 18.480 Actual Results 52 Planning Budget 50 $ 17,750 S S 16,100 7,900 7,940 1,880 7.990 1.716 1,850 Flights Revenue Expenses Wages and salaries Fuel Airport loog Aircraft deneation Office expenses Telal expense Net operating income 2,500 2838 2.570 550 572 450 280 13,350 2,750 292 13.188 5272 12.050 4.800 S 3 5 mar