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 Plights (q), Revenue ($345.00g) Expenses Wages and salaries ($3,200 + $89.00g) Fuel ($32.00g) Airport fees (5860 +$34.00g) Aircraft depreciation ($10.00q) office expenses (5200 +$1.00q) Total expense Net operating income Actual Results Flexible Budget Planning Budget 57 57 551 $ 16,000 $19,665 $ 18,975 8,235 8,273 8,095 1,990 1,824 1,760 2,673 2,798 2,730 570 570 550 425 13,893 257 255 13,722 13,390 $ 2,107 $ 5,943 $ 5,585 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 Expenses: Actual Results 57 . $ 16,000 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Variances Budget Activity Variances Planning Budget 57 55 $ 19,665 $ 18,975 Wages and salaries 8,235 8,273 8,095 Fuel 1,990 1,824 1,700 Airport fees 2,673 2,798 2,730 Aircraft depreciation 570 570 550 Office expenses 425 257 255 37.929