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 (9) $16,100 $19,250 $18,550 $16 7,645 1,820 7,675 1,650 7,505 1,590 Revenue ($350.000) Expenses: Wages and salaries ($3,000 + $85.009) Fuel ($30.00q) Airport fees ($810 + $33.009) Aircraft depreciation ($9.00) Office expenses ($220 + $1.009) Total expense Net operating income 2,505 495 2,625 495 2,559 477 443 275 273 12,908 12,720 12,404 $ 3,192 $ 6,530 $ 6,146 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 Actual Flexible Results Budget 55 Planning Budget Flights 55 53 $ 16.100 $ 19,250i | $ 18,550 7,675 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,650 2,625 7,505 1,590 2,559 7,645 1,820 2,505 495 443 12,908 3,192 495 275 477 273 12,404 6,146 12,720 6,530 $ $ $