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 Results 59 $ 16,000 Flexible Budget Planning Budget 57 $ 19,665 59 Flights (9) Revenue ($345.00q) $20,355 Expenses: Wages and salaries ($3,400 + $88.00q) Fuel ($32.009) Airport fees ($870 + $34.00q) Aircraft depreciation ($9.009) Office expenses ($240 + $1.009) 8,556 2,054 2,756 531 467 8,592 1,888 2,876 531 299 8,416 1,824 2,808 513 297 Total expense 14,364 14,186 13,858 Net operating income $ 1,636 $ 6,169 $ 5,807 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. Complete the flexible budget performance report abstract for July. (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 Revenue and Spending Variances Activity Variances Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income