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 55 55 53 Flights (q) $ 16,500 $ 19,250 $ 18,550 Revenue ($350.00) Expenses: Wages and salaries ($3,100 + $86.000) Fuel ($32.000) Airport fees ($830 + $31.000) Aircraft depreciation ($9.00q) Office expenses ($240 + $1.000) Total expense Net operating income 7,798 7,830 7,658 1,926 1,760 1,696 2,425 2,535 2,473 495 495 477 463 295 293 13,107 12,915 12,597 $ 3,393 $ 6,335 $ 5,953 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 55 Actual Results Planning Budget 53 Flights 55 $ 16,500 $ 19,250 $ 18,550 Revenue Expenses: Wages and salaries Fuel 7,658 7,798 1,926 7,830 1,760 1,696 2,425 2,535 495 495 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,473 477 293 463 295 13,107 3,393 12,915 6,335 12,597 5,953 $ $