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 (9) 52 Revenue (5350.000) 16,000 52 $10,200 50 $17,500 Expenses Wages and salaries ($3,200 + 586.000) 7,640 7,672 7,500 Fuel ($32.00g) 1,830 1,664 1,600 Airport fees (5880 $31.00g). 2,372 2,492 2,430 Aircraft depreciation (59.00g) 468 460 450 office expenses ($230 +$1.00g) 450 202 200 Total exp 12,760 12,590 12,260 Net operating income $ 3,240 $ 5,622 $ 5,240 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 Actual Results Flights 52 es Revenue $ 16,000 Flexible Budget Planning Budget 52 50 $ 18,200 $ 17,500 Expenses: Wages and salaries 7,640 Fuel 1,830 Airport fees 2,372 7,672 1,664 2,492 7,500 1,600 2,430 Aircraft depreciation 468 468 450 Office expenses 450 282 280 Total expense 12,700 12,578 12,200 Net operating income $ 3,240 $ 5.622 $ 5,240