Chapter 9 Exercises Saved 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: 20 points Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 54 52 eBook Flights (9) Hint Ask Revenue ($345.009) $16,400 $18,630 $17,940 Expenses: Wages and salaries ($3,400 + $87.00) 8,064 8,098 7,924 Fuel ($31.009) 1,842 1,674 1,612 Airport fees ($880 + $31.009) 2,434 2,554 2,492 Aircraft depreciation ($9.009) 486 486 468 Office expenses ($210 + $1.009) 432 264 262 Total expense 13,258 13,076 12,758 Net operating income $ 3,142 $ 5,554 $ 5,182 Print References 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 Actual Flexible Results Budget 54 54 Planning Budget 52 Flights $ 16,400 $ 18,630 $ 17,940 7,924 8,098 1,674 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,554 8,064 1,842 2,434 486 432 13,2581 3,142 486 264 13,0761 5,554 1,612 2,492 468 262) 12,758 5,182 $ $ $