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 Results Flexible Budget Planning Budget Flights (q) Revenue ($345.00g) Expenses Wages and salaries ($3,200 +586.00g) Fuel ($30.00g) Airport fees ($850 $34.00g) Aircraft depreciation ($10.00g) office expenses ($240 +$1.00g) Total expense Net operating income ces 58 58 56 $ 16,100 $ 20,010 $ 19,320 8,156 8,188 8,016 1,910 1,740 1,680 2,692 2,822 2,754 580 580 560 466 298 296 13,804 13,628 13,306 $ 2,296 $ 6,382 $ 6.014 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.) Actual Results Flights 58 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 58 Airport fees ($850 +$34.00g). Aircraft depreciation ($10.00g) Office expenses ($240 +$1.00g) Total expense Net operating income 2,692 2,822 2,754 580 580 560 466 13,804 298 13,628 296 13,306 $ 2,296 $ 6,382 $ 6,014 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.) Flights Revenue Actual Results 58 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 58 $ 20,010 Planning Hudget 56 $ 19,320 Expenses: Wages and salaries 8,156 8,188 8,016 Fuel 1,910 1,740. 1,680 Airport fees 2,692 2,822 2,754 Aircraft depreciation 580 580 560 Office expenses 466 296 290 Total expense 13,804 13,628 13,306 Net operating income $ 2.200 $ 6,382 $ 6,014