Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report (LO9-4) Vulcan Flyovers offers scenic overflights of Mount St. 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 Flexible Planning Results Budget Budget Flights (q) 60 60 58 Revenue ($350.00q) $ 16,500 $21,000 $20,300 Expenses: Wages and salaries ($3,700 + $91.009) 9,118 9, 160 8,978 Fuel ($30.00) 1,970 1,800 1,740 Airport fees ($850 + $31.000) 2,575 2,710 2,648 Aircraft depreciation ($8.00) 480 480 464 Office expenses ($250 + $1.009) 478 310 308 Total expense 14,621 14,460 14, 138 Net operating income $ 1,879 $ 6,540 $ 6,162 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 60 Actual Results Planning Budget 58 Flights 60 Revenue $ 16,500 $ 21,000 $ 20,300 Expenses: Wages and salaries Fuel 9,118 9,160 8.978 1,970 1,800 1,740 2,575 2,710 2,648 Airport fees Aircraft depreciation 480 480 464 Office expenses 478 308 Total expense 14,621 310 14,460 6,540 14,138 6,162 Net operating income $ 1,879 $ $