Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4]

Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the companys operations in July appear below:

Vulcan Flyovers
Operating Data
For the Month Ended July 31
	Actual Results	Flexible Budget	Planning Budget
Flights (q)	59	59	57
Revenue ($355.00q)	$ 16,000	$ 20,945	$ 20,235
Expenses:
Wages and salaries ($3,600 + $87.00q)	8,699	8,733	8,559
Fuel ($33.00q)	2,111	1,947	1,881
Airport fees ($850 + $34.00q)	2,736	2,856	2,788
Aircraft depreciation ($10.00q)	590	590	570
Office expenses ($210 + $1.00q)	437	269	267
Total expenses	14,573	14,395	14,065
Net operating income	$ 1,427	$ 6,550	$ 6,170

The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount.

Required:

1. Prepare a flexible budget performance report for July.

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.