bok Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 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 rint rences Flights (9) Revenue ($345.00g) Expenses: Wages and salaries ($3,700 +$87.00g) Fuel ($31.00g) Airport fees (5870 +$33.00g) Aircraft depreciation ($9.00g) office expenses ($240 $1.00g) Total expense Net operating incone Actual Results 57 Flexible Budget 57 Planning Budget 55 $ 16,100 $ 19,665 $ 18,975 8,625 0,659 8,485 1,935 1,767 1,705 2,611 2,751 2,685 513 513- 495 465 297 295 14,149 13,987 13,665 $ 1,951 $ 5,678 $5,310 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.) ok 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.) nt rint rences Flights Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Revenue Actual Results 57 $ 16,100 Budget Planning Budget 57 55 $ 19,665 $ 18,975 Expenses: Wages and salaries 8,625 8,659 8,485 Fuel 1,935 1,767 1,705 Airport fees 2,011 2.751 2,685 Aircraft depreciation 513 513 495 Office expenses 465 297 295 Total expense 14,149 13,987 13,665) Net operating income: $ 1,951 $ 5,678 $ 5.310