Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report (L09-4] 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 Actual Flexible Planning Results Budget Budget Flights (a) 53 53 51 Revenue ($345.000) $ 16,200 $ 18, 205 $ 17,595 Expenses Wages and salaries ($3,200 $88.00) + 7,828 7,864 7,658 Fuel ($33.000) 1,913 1,749 1,683 Airport fees ($830 + $31.00) 2,358 2,473 2,411 Aircraft depreciation ($10.000) 530 530 510 Office expenses ($220 . $1,009) 441 273 271 Total expense 13,070 12,889 12,563 Net operating income $ 3,130 $ 5,996 $ 5,032 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 53 18,285 Actual Results 53 Planning Budget 51 $ 17 595 S 16200 $ Flights Revenue Expenses Wages and salaries Fuel 7,828 1.913 2.358 530 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7864 1.749 2.473 530 273 12,889 5,396 7,688 1,683 2,411 510 271 441 13070 3.130 12,563 5032 $ $ $