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 Results 57 Flexible Planning Budget Budget 57 55 Flights (9) $ 16,100 $ 19,380 $ 18,700 Revenue ($340.009) Expenses: Wages and salaries ($3,200 + $90.009) Fuel ($31.009) Airport fees ($830 + $35.009) Aircraft depreciation ($10.00q) Office expenses ($240 + $1.009) Total expense Net operating income 8,290 1,935 2,720 570 465 13,980 $ 2, 120 8,330 1,767 2,825 570 297 13,789 $ 5,591 8,150 1,705 2,755 550 295 13,455 $ 5,245 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 57 Actual Results Planning Budget 55 Flights 57 Revenue $ 16,100 19,380 $ 18,700 Expenses: Wages and salaries 8,290 8,330 8,150 Fuel 1,935 1,767 1,705 Airport fees 2,720 2,825 2,755 Aircraft depreciation 570 570 550 Office expenses 465 297 295 Total expense 13,455 13,980 2,120 13,789 5,591 Net operating income $ $ $ 5,245