Exercise 9.4 Prepare a Flexible Budget Performance Report (L09-4) 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 Inded July 31 hetual Flexible Planning Resulta Budget Budget rights (9 58 56 $16/300 520,100 $19,600 Revenue ($350.004) Expenses Wages and salaries (53,000 + $86.000) Fuel ($30.000) Airport fees (5880 + $32.009) Aireraft depreciation ($10.000) office expenses ($220 - $1.000) Total expense Net operating income 7.956 7,988 7,816 1,910 1,740 1,680 2,601 2,736 2,672 580 580 560 446 278 276 13,523 13,322 13,004 $ 2,777 $ 6,978 $ 6.596 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 (.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 Planning Budget 56 58 58 $ 16,300 $ 20,300 $ 19,600 Revenue Expenses Wages and salaries Fuel Airport fees Alrcraft depreciation Office expenses Total expense Net operating Income 7.956 1,910 2,631 7,810 1.680 2,672 580 7,988 1.740 2,736 580 278 13,322 6,978 446 13,523 2.777 560 276 13,004 6.596 $