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 54 Flexible Planning Budget Budget 54 52 Flights (9) $ 16,00 $ 18,630 $ 17,940 Revenue ($345.00) Expenses : Wages and salaries ($3,288 + $90.ee) Fuel ($32.889) Airport fees ($860 + $32.989) Aircraft depreciation ($9.889) Office expenses ($230 + $1.689) Total expense Net operating income 8,020 8,060 7,880 1,894 1,728 1,664 2,458 2,588 2,524 486 486 468 452 284 282 13,310 13,146 12,818 $ 2,690 $ 5,484 $ 5,122 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 varlances. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 52 Flights 54 54 Revenue s 18,000 S 18,630 $ 17.940 Expenses: 8,020 8,060 7,880 Wages and salaries Fuel 1,894 1,728 1.664 Airport fees 2.458 2,588 2.524 486 486 468 Aircraft depreciation Office expenses 452 284 282 Total expense 13,310 13,146 12,818 Net operating income S 2,690 S 5,484 $ 5,122