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: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (m) 60 60 58 Revenue (5360.00) $ 16,100 $ 21,600 $ 20,888 Expenses: Wages and salaries (53,300 $89.969) 8,602 8,640 8,462 Fuel ($33.969) 2,144 1,989 1.914 Airport fees ($888 + $30.00) 2,495 2,600 2,540 Aircraft depreciation ($8.089) 480 480 464 office expenses ($238 + $1.600) 458 290 288 Total expense 14,179 13,990 13,668 Net operating income $ 1,921 $ 7,610 57,212 The company measures its activity in terms of flights. Customers can buy individual tickets for overlights of 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... zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report 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 60 $ 21,600 Actual Results Planning Budget 58 $ 20,880 60 $ 16,100 Flights Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,602 2,144 2.495 8,640 1,980 2,600 480 290 13,990 7,610 8.462 1,914 2,540 464 480 458 14,179 1,921 288 13.668 7,212 $ $ $