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. vulean Flyovers Operating Data For the Month Ended July 11 Atual lexible Planning Result Budget noget Flight 57 57 55 Revenue (9340.009) 516,100 $19,300 $20.700 Exponais Wages and salaries ($3,200 + $90.009) 8,290 3,350 8,150 Fuel ($30.000 1.080 1.710 1,650 Airport tees (5860 - $33.009) 2.601 2,741 2,675 Aircraft depreciation (610.000) 570 570 550 office expenses ($220 + $1.00) 445 279 275 Total expense 13.786 13,628 13300 Bet operating Incone 52.314 55,75 55,400 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. Total expense Het operating income 13,186 13.628 13,300 $ 2,314 $ 5,752 $5,400 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 (ezero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 57 Actual Results Planning Budget 55 57 Flights $ 19,380 $ 18.700 S 16.100 8,290 1.880 2001 8,330 1.710 2,741 8,150 1.650 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office experies Total expense Net operating income 2.675 550 275 570 570 277 445 13.788 2,314 13.628 5,752 13,300 5.400 5 5 $