es Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) 300 Revenue ($390.00g) Expenses: Wages and salaries ($11,800 +$130.00g) Supplies ($5.00g) Equipment rental ($2,200 + $26.00q) Insurance ($4,100) Miscellaneous ($530 +$1.44g) Total expense Net operating income $ 117,000 50,800 1,500 10,000 4,100 962 67,362 $ 49,638 During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries 13 Flight Caf prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July appears below: Flight Caf Planning Budget 0.27 ponts For the Month Ended July 31 Budgeted meals (q) Revenue ($4.10g) 21,000 $86,100 Expenses: Raw materials ($2.10g) 44,100. eBook Him Print Wages and salaries (36,300 50.20g) 10,500 Utilities ($2,000 + 50.05q) 3,050 Facility rent ($3,900) 3,900 Insurance ($2,300) 2,300 Miscellaneous (5700 + $0.10) 2,800 Total expense Ferences Net operating incone Mc Graw Hill 66,650 $19,450 In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below. Flight Caf Flexible Budget For the Month Ended July 31 Budgeted seals (q) Revenue (54.10g) Expenses Hav saterials (52.10g) Wages and salaries (56,300+ $0.20g) Utilition (62,000 +$0.05) Facility rent ($3,900) Insurance ($2,300) Miscellaneous ($700 +$0.10g) Total expense Net operating income Required: 22,000 $90,200 46,200 10,700 3,100 3,900 2,300 2,900 69,100 $ 21,100 1. Calculate the company's activity variances for July. (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.) < Prev 13 of 18 Next > eBook 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 HA Flights (9) Pre ferences Revenue ($350.000) Expenses Wages and salaries ($3,400 +$88.00g) Fuel ($30.00g) Airport fees (5880 +$33.00g) Aircraft depreciation ($0.00) office expenses ($230 $1.00g) Total expense Het operating incone Actual Results 53 Flexible Budget Planning Budget 53 51 $ 16,300 $18,550 $17,950 8,028 8,064 7,898 1,760 1,590 1,530 2,514 2,629 2,563 424 424 400 451 283 281 13,177 53,123 12,990 55,560 12,670 $5,100 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.)