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 Flights (q) Revenue ($360.00q) ResultsBudgetBudget 59 $16,300 $21,960 $21,240 61 61 Expenses Fuel ($33.00q) Airport fees ($850+ $31.00q) Aircraft depreciation ($11.00q) Office expenses ($210+ $1.00q) Wages and salaries ($3,100+$91.00q) 8,609 8,6518,469 2,1772,013 1,947 2,601 2,7 2,679 649 269 671 439 671 271 Total expense 14,497 14.347 14,013 $ 1,803 $ 7,613 $ 7,227 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