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 Flights (q) Revenue ($345.00g) Expenses: Wages and salaries ($3,800+ $89.00g) Fuel ($31.00g) Airport fees ($830 + $30.00g) Aircraft depreciation ($9.00g) Office expenses ($240 + $1.00g) Total expense Net operating income Flexible Budget Planning Budget 60 60 58 $ 16,100 $ 20,700 $ 20,010 9,102 9,140 8,962 2,028 1,860 1,798 2,510 2,630 2,570 540 540 522 468 300 298 14,648 14,470 14,150 $ 1,452 $ 6,230 $ 5,860 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 Flights Revenue Actual Results 60 $ 16,100 Flexible Budget Planning Budget 60 58 $ 20,700 $ 20,010 Expenses: Wages and salaries 9,102 Fuel 2,028 9,140 1,860 8,962 1,798 Airport fees 2,510 2,630 2,570 Aircraft depreciation 540 540 522 Office expenses 468 300 298 Total expense 14,648 14,470 14,150 Net operating income $ 1,452 $ 6,230 $ 5,860