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. Flights (q) Revenue ($355.00g) Expenses Vulcan Flyovers Operating Data. For the Month Ended July 31 Wages and salaries ($3,700 +$89.00q) Fuel ($31.00g) Airport fees ($870 +$31.00g)) Aircraft depreciation ($9.00g) office expenses ($230 +$1.00g) Total expense Net operating income Actual Flexible Planning Results 59 Budget Budget 59 57 $16,100 $20,945 $20,235 8,913 8,951 8,773 1,997 1,829 1,767 2,554 2,699 2,637 531 513 289. 287 531 457 14,452 14,299 13,977 $ 1,640 $ 6,646 $ 6,258 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 Planning Actual Results Budget Budget