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 Flights (q) Revenue ($360.000) Expenses: Wages and salaries ($3,700+ $86.000) Fuel ($33.00q) Airport fees ($800+ $32.000) Aircraft depreciation ($11.000) Office expenses ($200 + $1.000) Total expense Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,300 $ 20,520 $ 19,800 8,570 8,602 8,430 2,045 1,881 1,815 2,519 2,624 2,560 627 627 605 425 14,186 257 255 13,991 13,665 $ 2,114 $ 6,529 $ 6,135 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.) Actual Results 57 Flights Revenue $ 16,300 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 20,520 $ 19,800