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 50 Flights (q) 48 13,650 15,360 16,000 Revenue ($320.00q) Expenses: Wages and salaries ($4,000 + $82.00q) Fuel ($23.004) Airport fees ($650 $38.00q) Aircraft depreciation ($7.00q) Office expenses ($190 $2.00q) 8,100 1,150 2,550 350 290 12,440 $814 $ 3,224 $ 3,560 8,430 1,260 2,350 336 460 12,836 7,936 1,104 2,474. 336 286 12,136 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.)