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 Ended July 31 Actual Flexible Planning Results Budget Budget 58 Flights (g) 60 $ 16,300 $21,000 $20,300 Revenue ($350.000) Expensest Wages and salaries ($3,500 + $85.009) Fuel ($32.009) Airport fees ($860 + $33.009) Aircraft depreciation ($10.009) office expenses ($210 + $1.000) Total expense 8.570 8.600 8. 30 2.086 1.920 1,856 2.715 2,840 600 438 270 14.409 14,230 9 08 $ 1.891 S 6,770 $ 6,392 2.774 580 600 Net operating income 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 Flights $ 16,3001 $ 21,000 20.300 Revenue Expenses: Wages and salaries 8.430 Fuel 8,5701 2,0601 2.7151 1,856 2.774 600 Airport fees Aircraft depreciation Office expenses Total expense Not operating income 8,600 1.920 2.840 600 2701 14,230 6,7701 268 436 14,409 1.891 13,908 6.392 $ $