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 Flexible Planning Budget Budget 59 57 Flights (9) 59 $ 16,200 $ 20,945 $ 20,235 Revenue ($355.009) Expenses: Wages and salaries ($3,300 + $88.009) Fuel ($32.009) Airport fees ($840 + $33.009) Aircraft depreciation ($10.009) Office expenses ($220 + $1.009) Total expense Net operating income 8,456 2,054 2,657 590 447 14,204 1,996 8,492 8,316 1,888 1,824 2,787 2,721 590 570 279 277 14,03613,708 6,999 $ 6,527 $ $ 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. 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 59 Planning Budget 57 Flights 59 $ 16,200 $ 20,945 $ 20,235 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,456 2,054 2,657 590 447 14,204 1,996 8,492 1,888 2,787 590 279 14,036 6,909 8,316 1,824 2,721 570 277 13,708 6,527 $ $ $