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 57 Flexible Planning Budget Budget 57 55 Flights (9) $ 16,400 $ 20,235 $ 19,525 Revenue ($355.009) Expenses: Wages and salaries ($3,300 + $86.00g) Fuel ($32.009) Airport fees ($860 + $32.009) Aircraft depreciation ($10.000) Office expenses ($250 + $1.009) Total expense Net operating income 8,170 1,990 2,584 570 475 13,789 $ 2,611 8,202 8,030 1,824 1,760 2,684 2,620 570 550 307 305 13,587 13,265 $ 6, 648 $ 6,260 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 55 Flights 57 57 Revenue 16,400 $ 20,235 $ 19,525 Expenses: Wages and salaries Fuel 8,170 8,202 8,030 1,990 1,824 1,760 2,584 2,684 2,620 Airport fees Aircraft depreciation 570 570 550 475 307 Office expenses Total expense 305 13,265 13,789 2,611 13,587 6,648 Net operating income $ $ $ 6,260