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 Plyovers Operating Data For the Month Ended July 31 Actual Plexible Planning Results Budget Budget 60 60 58 Flights (9) $ 16.400 $ 21,600 $ 20.880 Revenue ($360.004) Expenses: Wages and salaries ($3,300 + $86.009) Fuel ($32.009) Airport fees (5830 + $35.009) Aircraft depreciation ($9.009) office expenses ($210 + $1.004) Total expense Net operating income 8,428 8,460 8,288 2,086 1,920 1,856 2,800 2,930 2,88 540 540 522 438 270 268 14,292 14.120 13,794 $ 2,108 $ 7,480 $ 7,086 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 Flexible Budget Actual Results Flights 60 Planning Budget 58 60 $ 16.400 $ 21,600 $ 20,880 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Not operating income 8,428 2,086 2,800 540 438 8,460 1,920 2.930 540 270 14,120 7.480 8,288 1,856 2,860 522 268 13,794 7,086 14,292 2,108 $ $ $