Flights (q) Revenue ($360.00q) Expenses: Wages and salaries ($3,300 + $88.00q) Fuel ($31.00q) Airport fees ($870+ $33.00q) Aircraft depreciation ($9.00q) Office expenses ($250+ $1.00g) Total expense Net operating income Flights Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Vulcan Flyovers Operating Data For the Month Ended July 31 Total expense Net operating income Actual Results $ $ 53 16,100 7,928 1,811 2,514 Actual Results 477 471 53 $ 16,100 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. 13.201 2,899 7,928 1,811 2,514 Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. Note: 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. 477 471 13, 201 $ 2,899 Flexible Budget 53 $19,080 7,964 1,643 2,619 477 303 $ 13,006 $ 6,074 $ Hand Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 53 19,080 51 $ 18,360 7,964 1,643 2,619 477 303 13,006 6,074 SPESIN 7,788 1,581 2,553 459 301 12,682 $ 5,678 $ S Planning Budget 51 18,360 7,788 1,581 2,553 459 301 12,682 5,678

The company measures its actovity in terms of fights. Customers can buy indvidual sckets for owerflights or hire an entire plane for an overfight at a cliscount Required: 1 Prepare o fexibie budget performance report for fuly that incudes revonie and spersting variances and activity variances Note: Indicate the effect of ench variance by selecting "F" for favorable, "U" for unfovorable, and "None" for no effect (lien, xere variance) Input ell amounts as positive values