- 9 Homework Seved 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 Results 61 Flights (9) Flexible Planning Budget Budget 61 59 $ 16,300 $ 21,350 $ 20,650 Revenue ($350.000) Expenses: Wages and salaries ($3,800 + $92.009) Fuel ($31.009) Airport fees ($850 + $33.899) Aircraft depreciation (9.089) Office expenses ($210 - $1.689) Total expense Net operating income 9,368 9,412 9,228 2,059 1,891 1,829 2,738 2,863 2,797 549 549 531 439 271 269 15,153 14,986 14,654 $ 1,147 $ 6,364 $ 5,996 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 Saved the effect of each variance by selecting for favorable, "U"tor untavorable, and "None" for no effect (.e., zero variance). In all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 61 Actual Results Flights 61 Planning Budget 59 Revenue $ 16,300 $ 21,350 s 20 650 Expenses Wages and salaries 9,368 9,412 Fuel 2,059 9,228 1,829 2,797 1,891 2,863 Airport fees 2,738 549 439 Aircraft depreciation Office expenses Total expense Net operating income 531 269 549 271 14,986 6,364 14,654 15,153 1,147 $ S $ 5,996