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 Planning Budget Flights (q) Revenue ($360.00q) Expenses: Wages and salaries ($3,200+ $88.00q) Fuel ($32.00q) Airport fees ($850 +$33.00q) Aircraft depreciation ($10.009) Office expenses ($220 + $1.009) Total expense Net operating income 52 52 50 $ 16,500 $ 18,720 $ 18,000 7,740 7,776 7,600 1,830 1,664 1,600 2,441 2,566 2,500 520 520 500 440 272 12,971 12,798 $ 3,529 $ 5,922 $ 5,530 270 12,470 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 varianc). Input all amounts as positive values.)