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 ($345.00g) Expenses: Wages and salaries ($3,500+ $87.00g) Fuel ($31.00g) Airport fees ($820 + $32.00g) Aircraft depreciation ($10.00g) Office expenses ($240 + $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 58 $ 16,400 58 $ 20,010 56 $ 19,320 8,512 8,546 8,372 1,966 1,798 1,736 2,576 2,676 2,612 580 580 560 466 298 296 14,100 13,898 13,576 $ 2,300 $ 6,112 $ 5,744 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: