Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Flexible Budget 53 $ 18,550 Planning Budget 51 $ 17,850 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 53 Revenue ($350.000) $ 16,400 Expenses: Wages and salaries ($3,500 + $87.009) 8,077 Fuel ($32.009) 1,862 Airport fees ($880 + $33.909) 2,489 Aircraft depreciation ($9.000) 477 Office expenses ($230 + $1.009) 451 Total expense 13,356 Net operating income $ 3,044 + 8,111 1,696 2,629 477 283 13, 196 $ 5,354 7,937 1,632 2,563 459 281 12,872 $ 4,978 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 53 53 51 $ 16,400 $ 18,550 $ 17,850 7,937 Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,632 8,077 1,862 2,489 477 8,111 1,696 2,629 2,563 459 477 451 283 281 13,356 3,044 13,196 5,354 12,872 4,978 $ $ $