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 55 55 53 Flights (9) Revenue $355.00) $16,500 $19,525 $18,815 Expenses: Wages and salaries ($3,500 + $90.00) 8,410 8,450 8,270 Fuel ($34.009) 2,032 1,870 1,802 Airport fees ($890 + $33.009) 2,565 2,705 2,639 Aircraft depreciation ($8.00) 440 440 424 Office expenses ($210 + $1.009) 433 265 263 Total expense 13,880 13,730 13, 398 Net operating income $ 2,620 $ 5,795 $ 5,417 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.) 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 Actual Flexible Results Budget 55 55 Planning Budget 53 Flights $ 16,500 $ 19,525 $ 18,815 8,410 8,270 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,032 2,565 8,450 1,870 2,705 1,802 2,639 440 440 424 433 13,880 265 13,730 263 13,398 $ 2,620 $ 5,795 $ 5,417