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 52 52 50 Flights (9) $ 16,200 $ 18,200 $ 17,500 Revenue ($350.00q) Expenses : Wages and salaries ($3,700 + $87.00) Fuel ($30.000) Airport fees ($820 + $33.00) Aircraft depreciation ($11.009) Office expenses ($200 + $1.000) Total expense Net operating income 8,190 8,224 8,050 1,730 1,560 1,500 2, 431 2,536 2, 470 572 572 550 420 252 250 13, 343 13,144 12,820 $ 2,857 $ 5,056 $ 4,680 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 52 Actual Results Planning Budget 50 Flights 52 Revenue $ 16,200 $ 18,200 $ 17,500 8,190 1,730 2,431 8,224 1,560 2,536 8,050 1,500 2,470 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 572 550 572 252 420 250 13,343 2,857 13,144 5,056 12,820 4,680 $ $ $