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 Flights (9) 58 58 56 Revenue ($355.009) $ 16,100 $ 20,590 $ 19,880 Expenses: Wages and salaries ($3,000 + $87.009) 8,012 8,046 7,872 Tuel ($33.009) 2,078 1,914 1,848 Airport fees ($820 + $31.009) 2,513 2,618 2,556 Aircraft depreciation ($9.000) 522 522 504 Office expenses ($240 + $1.009) 466 298 296 Total expense 13,591 13,398 13,076 Net operating income $ 2,509 $ 7,192 $ 6,804 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.) Check my work 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 Actual Results Planning Budget Flights 58 58 56 $ 16.100 $ 20.590 $ 19,880 Revenue Expenses Wages and salarios Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating Income 8,012 2,078 2,513 522 8.046 1,914 2,618 7,872 1,848 2,556 522 504 466 298 296 13 398 13,591 2.509 $ 13,076 6,804 $ 7,192 $