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 Book Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results 55 Flexible Planning Budget Budget 55 53 Flights (9) Hone 5.10.2005 10/2005 19.020 Print o Revence (5340.000) Expenses Wages and salaries (53,700 - $86.000) Fuel (531.000) Airport fees (5880 + $30.009) Aircraft depreciation (56.004) Office expenses (5240 + $1.000) Total expense Net operating income 8,398 3,430 8.250 1,073 1.705 1.643 2,395 2,530 2,470 424 463 295 293 13,569 13,400 13,083 $ 2,531 55,300 $ 4,932 ferences The company measures its activity in terms of flights. Customers can buy individual tickets for overtights 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 (.e., zero variance). Input oll amounts os positive values.) The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane foran 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 oll amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Flights Planning Budget 53 55 55 $ 16.100 $ 18.700 5 18,020 Revenue Expenses Wages and salaries Fuel Airport fees Arcraft depreciation Office expenses 3,398 1.873 2.395 140 103 13.569 2,531 8,430 1.705 2,530 440 295 13.400 5,300 8.258 1.643 2.470 424 293 13.088 4.932 Total expense Net operating Income $ $ S