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 Results 61 Flexible Planning Budget Budget 61 59 Flights (9) $ 16,100 $ 21,960 $ 21, 240 Revenue ($360.00) Expenses: Wages and salaries ($3,400 + $91.00) Fuel ($34.009) Airport fees ($820 + $30.00) Aircraft depreciation ($9.00) Office expenses ($210 + $1.009) Total expense Net operating income 8,909 8,951 8,769 2,236 2,074 2,006 2,540 2,650 2,590 549 549 531 439 271 269 14,673 14,495 14,165 $ 1,427 $ 7,465 $ 7,075 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 Planning Budget Flights 61 61 59 Revenue $ 16,100 $ 21,960 $ 21,240 Expenses: Wages and salaries 8,909 8,951 8,769 Fuel 2,236 2,074 2,650 2,006 2,590 Airport fees 2,540 Aircraft depreciation 549 531 549 439 Office expenses 269 Total expense 14,673 271 14,495 7,465 14,165 7,075 Net operating income $ 1,427 $ $