9-4 in excel please provide formulas as well

ist. (Hint: Refer to Exhibit 9-7.) EXERCISE 9-4 Prepare a Flexible Budget Performance Report LO9-4 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 Fights (0) 48 48 50 Revenue ($320.000) $13,650 $15,360 $ 16,000 Expenses Wages and salaries ($4,000 + $82.000) 8,430 7.936 8,100 Fuel ($23.000) 1.260 1.104 1.150 Airport fees ($650 + $38.00) 2,350 2,474 2,550 Aircraft depreciation ($7.00) 336 336 350 Office expenses ($190 + $2.000) 460 286 290 Total expense 12,836 12,136 12,440 Net operating income $ 814 $ 3,224 $ 3.560 aand w: 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. Using Exhibit 9-8 as your guide. prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances, Which of the variances should be of concern to management? Explain