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 57 Flights (g) 59 59 $ 16,400 $ 20,355 $ 19, 665 Revenue ($345.00q) Expenses: Wages and salaries ($3,600+$89.00g) Fuel (33.00g) Airport fees ($810 $33.00g) Aircraft depreciation ($9.00g) Office expenses ($250 $1.00g) 8,673 1,881 2,691 513 307 14,584 14,395 14,065 $ 1,816 $ 5,960 5,600 8,813 2,111 2,652 531 477 8,851 1,947 2,757 531 309 Total expense 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 Planning Budget Actual Results Flights 59 59 57 Revenue 16,400 $ 20,355 19,665 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,813 2,111 2,652 531 477 14,584 1,816 8,851 1,947 2,757 8,673 1,881 2,691 513 307 14,065 5,600 Total expense Net operating income 309 14,395 5,960