Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 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: Flights (q) Revenue ($345.00q) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,400 + $87.00q) Fuel ($31.00q) Airport fees ($870+ $32.00q) Aircraft depreciation ($10.00q) Office expenses ($240 + $1.00q) Total expense Net operating income Actual Results 55 $16,400 8,151 1,873 2,515 550 463 13,552 $2,848 Flexible Budget 55 $ 18,975 8,185 1,705 2,630 550 295 13,365 $ 5,610 Planning Budget 53 $18,285 8,011 1,643 2,566 530 293 13,043 $5,242 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. Note: 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.

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. Note: 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