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 (q) Revenue ($355.00g) Expenses: Wages and salaries ($3,100 + $88.00g) Fuel ($32.00g) Airport fees ($870 + $32.00g) Aircraft depreciation ($8.00g) Office expenses ($220 + $1.00g) Total expense Net operating income Planning Budget 57 57 55 $ 16,100 $ 20,235 $ 19,525 8,080 8,116 7,940 1,990 1,824 1,760 2,544 2,694 2,630 456 445 13,515 456 277 440 275 13,367 13,045 $ 2,585 $ 6,868 $ 6,480 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 57 $ 16,100 Flexible Budget Planning Budget 57 55 $ 20,235 $ 19,525 Expenses: Wages and salaries 8,080 8,116 7,940 Fuel 1,990 1,824 1,760 Airport fees 2,544 2,694 2,630 Aircraft depreciation 456 456 440 Office expenses 445 277 275 Total expense 13,515 13,367 13,045 Net operating income $ 2,585 $ 6,868 $ 6,480