Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report (L09-4) 53 Vulcan Flyovers offers scenic overtlights 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 Budget Flights () 53 53 Revenue (5350.000) $ 16,200 $ 13,550 $ 17,950 Expenses Wages and salaries (59,800 $80.000) 3,428 0,20 Fuel (533.089) 1,91 1,749 1,633 Airport fees ( 50 $35.000) 2,585 2,735 2665 Aircraft depreciation (580) 29 office expenses $240. $1.000) 1,311 11.66 Total expense $ 2,309 5 4,05 4,515 Net operating income 461 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 (.o., zero variance). Input all amounts as positive values.) Vutcan Flyovers Flexible Budget Parformance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 51 53 53 Flights 18.550 5 17050 $ 10200 8404 8.428 1.913 1749 3250 1.633 2009 None 2585 Revenue Exponses Wages and salanes Fuel Airport toes Aircraft depreciation Office exponses Total expense Net operating income 2.735 424 U 408 201 293 461 13/335 13 005 4515 13,811 2389 $ 4885