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 ($355.00g) Expenses: Wages and salaries ($3,300 + $91.00q) Fuel ($30.00g) Airport fees ($840 + $32.00g) Aircraft depreciation ($9.00q) Office expenses ($220 + $1.00q) Total expense Net operating income Actual Results Flexible Budget Planning Budget 54 $ 16,100 54 $ 19,170 52 $ 18,460 8,172 8,214 8,032 1,790 1,620 1,560 2,448 2,568 2,504 486 486 468 442 274 272 13,338 13,162 12,836 $ 2,762 $ 6,008 $ 5,624 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 Flights Revenue Actual Results 54 $ 16,100 Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 54 52 $ 19,170 $ 18,460 Expenses: Wages and salaries 8,172 8,214 8,032 Fuel 1,790 1,620 1,560 Airport fees 2,448 2,568 2,504 Aircraft depreciation 486 486 468 Office expenses 442 274 272 Total expense 13,338 13,162 12,836 Net operating income $ 2,762 $ 6,008 $ 5,624