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 Flights (a) Revenue ($340.000) Expenses: Wages and salaries ($3,100 +$90.000) Fuel ($32.000) Airport fees ($870 +$35.009) Aircraft depreciation ($8.000) office expenses ($220 $1.00q) Total expense Net operating income Planning Budget 54 54 52 $ 16,200 $ 18,360 $ 17,600 7,920 7,960 7,780 1,894 1,728 1,664 2,630 2,760 2,690 432 432 416 442 274 272 13,318 13,154 12,822 $ 2,882 $ 5,206 $ 4,858 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 (ie., zero variance). Input all amounts as positive values.) all amounts as positive values.) Answer is not complete. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flights Revenue Actual Results Revenue and Flexible Spending Variances Activity Variances Planning Budget Budget 54 54 52 S 16.200 $ 1,480 F 18.360 S 17,680 Expenses Wages and salaries 7,920 140 F 7,960 7,780 Fuel 1,894 230 F 1,728 1,064 Airport fees 2.630 60 F 2.760 2.690 Aircraft depreciation 432 16 F 432 416 Office expenses 442 170 F 274 272 Total expense 13,318 496 F 13,154 12.822 Not operating income S 2.882 $ 1,976 F S 5.206 is 4,658