Check 11 Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report (L09.4) 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: 162 Goints eBook Hint Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (0) 54 54 52 Revenue ($355.000) $ 16,100 $19,170 $18.460 Expenses: Wages and salaries (53,880 + $85.089) 8,412 8,444 8,272 Fuel ($30.000) 1,790 1,620 1,560 Airport fees (5860 - $33.00) 2,512 2,642 2,576 Aircraft depreciation (511.000) 594 572 Office expenses ($200 + $1.004) 422 252 Total expense 13,730 13,554 13,232 Net operating income $ 2,370 5 5,616 $ 5,228 594 254 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 54 Actual Results Planning Budget 52 Flights 54 Revenue $ 16,100 $ 19,170 $ 18,460 8,412 1.790 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,444 1,620 2,642 594 2,512 594 8,272 1,560 2,576 572 252 13,232 5,228 422 13,730 2,370 254 5+ 13,554 5.616 $ $ $