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: Flexible Budget 58 $ 20,010 Planning Budget 56 $ 19,320 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 58 Revenue ($345.00) $ 16,100 Expenses: Wages and salaries ($3,400 + $86.609) 8,356 Fuel ($31.000) 1,966 Airport fees ($840 + $35.009) 2,760 Aircraft depreciation ($9.009) 522 Office expenses ($230 + $1.007) 456 Total expense 14,060 Net operating income $ 2,040 8,388 1,798 2,870 522 288 13,866 $ 6,144 8,216 1,736 2,800 504 286 13,542 $ 5,778 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 Flexible Budget Actual Results 58 58 Planning Budget 56 $ 19,320 $ 16,100 $ 20,010 Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,356 1,966 2,760 8,388 1,798 2,870 522 8,216 1,736 2.800 504 522 456 288 286 14,060 2,040 13,866 6,144 13,542 5,778 $ $ $