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 54 54 52 Flights (g) $ 16,000 $ 18,900 $ 18,200 Revenue ($350.009) Expenses : Wages and salaries ($3,300 + $85.00) Fuel ($32.009) Airport fees ($820 + $32.009) Aircraft depreciation ($8.009) Office expenses ($210 + $1.000) Total expense Net operating income 7,860 7,890 7,720 1,894 1,728 1,664 2,403 2,548 2,484 432 432 416 432 264 262 13,021 12,862 12,546 $ 2,979 $ 6,038 $ 5,654 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 Planning Budget Flights $ 16,000 $ 18,900 $ 18,200 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7,860 1,894 2,403 432 432 13,021 2,979 7,890 1,728 2,548 432 264 12,862 6,038 7,720 1,664 2,484 416 262 12,546 5,654 $ $ $