Exercise 9-4 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 Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 60 Flights (g) 62 62 $16,200 21,390 $ 20,700 Revenue ($345.00q) Expenses: 9,100 2,040 2,700 540 290 15,180 15,000 14,670 $ 1,020 6,390 $ 6,030 9,240 2,270 2,652 558 460 9,280 2,108 2,762 558 292 Wages and salaries ($3,700+ $90.00g) Fuel ($34.00g) Airport fees ($840 + $31.00q) Aircraft depreciation ($9.00g) Office expenses ($230 + $1.00g) Total expense 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 Planning Budget Actual Results Flights 62 60 62 $20,700 16,200 21,390 Revenue Expenses 9,240 2,270 2,652 558 460 15,180 1,020 9,280 2,108 2,762 558 292 15,000 6,390 9,100 2,040 2,700 540 290 14,670 6,030 Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income