Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($345.009) Expenses: Wages and salaries ($3,600 + $91.009) Fuel ($30.009) Airport fees ($860 + $32.009) Aircraft depreciation ($11.009) Office expenses ($230 + $1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 54 54 52 $ 16,200 $ 18,630 $ 17,940 8,472 8,514 8,332 1,790 1,620 1,560 2,478 2,588 2,524 594 594 572 452 284 282 13,786 13,600 13,270 $ 2,414 $ 5,030 $ 4,670 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. Flights Actual Results 54 $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 54 52 $ 18,630 $ 17,940 Revenue Expenses: Wages and salaries 8,472 8,514 8,332 Fuel 1,790 1,620 1,560 Airport fees 2,478 2,588 2,524 Aircraft depreciation 594 594 572 Office expenses 452 284 282 Total expenses 13,786 13,600 13,270 Net operating income $ 2,414 $ 5,030 $ 4,670