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Exercise 9-4 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: Vulcan Plyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 61 Flights (9) $ 16,100 $ 21,350 $ 20,650 Revenue ($350.000) Expenses: Wages and salaries ($3,500 + $90.000) Fuel ($30.000) Airport fees ($830 + $34.00) Aircraft depreciation ($10.000) Office expenses ($240 + $1.009) Total expense Net operating income 8,950 2.000 2.804 610 469 14.833 8,990 1.830 2.904 610. 301 14.635 $6.715 $ 8,810 1.770 2.836 590 299 14.305 $ 1.267 6,345 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 Flexible Budget Actual Results Planning Budget Flights $ 16,100 21,350 20,650 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,990 1,830 2,904 8,810 1,770 2,836 8,950/ 2,000 2,804 6101 469 14,833 1,267 610 590 301 299 14,305 14,635 6,715 6.345