accounting

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: Flexible Budget 56 $ 19,600 Planning Budget 54 $ 18,900 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 56 Revenue ($350.009) $ 16,500 Expenses: Wages and salaries ($3,600 + $88.009) 8,492 Truel ($32.009) 1,958 Airport fees (5870 + $35.009) 2,690 Aircraft depreciation ($11.000) 616 Office expenses ($250 + $1.009) 474 Total expense 24,230 Net operating income $ 2,270 8,528 1,792 2,830 616 306 14,072 $ 5,528 8,352 1,728 2,760 594 304 13,738 $ 5,162 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 (l.e., zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results 56 56 Planning Budget 54 $ 18,900 $ 16,500 $ 19,600 Flights Revenue Expenses Wages and salaries Fuel Arport fees Arcal depreciation Orice expenses Total expense Net operating Income 8.492 1,950 2.600 616 8,528 1.792 2.830 616 300 14,072 5.526 8,352 1,728 2,760 594 304 13.738 5.162 474 14230 2.270 5 $ $