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 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (0) 61 61 59 Revenue ($345.009) $ 16,400 $ 21,045 $ 20,355 Expenses: Wages and salaries ($3,600 $98.809) 9,050 9,090 8,910 Fuel ($31.000) 2,059 1,891 1,829 Airport fees ($820 . $33.009) 2,723 2,833 2,767 Aircraft depreciation ($9.009) 549 531 Office expenses ($250 + $1.00) 479 311 309 Total expense 14,860 14,674 14,346 Net operating income $ 1,540 S 6,371 56,009 549 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 59 61 61 Flights S 20 355 S $ 16,400 21045 Revenue Expenses Wages and salaries 9,090 9.050 2059 Fuel 1 891 2,833 549 8,910 1829 2.767 531 309 2723 Airport fees 549 311 479 Aircraft depreciation Office expenses Total expense Net operating income 14,850 1,540 14,674 6,371 14 346 6,009 $ $ $