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 59 59 57 Flights (9) $ 16,100 $ 20,650 $ 19,950 Revenue ($350.000) Expenses : Wages and salaries ($3,400 + $87.00) Fuel ($31.009) Airport fees ($870 + $34.009) Aircraft depreciation ($9.009) Office expenses ($250 + $1.00) Total expense 8,499 8,533 1,997 1,829 2,736 2,876 531 531 477 309 14,240 14,078 1,860 $ 6,572 8,359 1,767 2,808 513 307 13,754 $ 6, 196 $ Net operating income 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 Actual Results 59 Planning Budget Flights Revenue $ 16,100 20,650 19,950 Expenses: Wages and salaries 8,533 Fuel 8,499 1,997 2,736 8,359 1,767 2,808 Airport fees 513 531 477 Aircraft depreciation Office expenses Total expense Net operating income 1,829 2,876 531 309 14,078 6,572 14,240 307 13,754 6,196 1,860 $ $