Saved Hel Connect Homework assignment i Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 56 Actual Results Planning Budget 54 Flights 56 $ $ $ 18,630 16.100 19,320 U U Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Not operating income 8.584 1.958 2.670 148 444 U F None U 8,616 1.792 2.800 448 276 13.932 5388 U U U u 1,728 2.730 432 274 13.608 5022 14.104 1995 S U $ S Check n 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 56 Flexible Planning Budget Budget 56 54 Flights (a) $ 16,100 519 320 18,630 Revenue ($345.00) Expenses: Wages and salaries ($3,800 + $86.089) Fuel (532.00) Airport fees (5840535.00) Aircraft depreciation (58.009) Office expenses ($220 + $1.000) Total expense Net operating Income 8,584 8,616 8,444 1,958 1,292 1,728 2,670 2,800 2,730 448 448 432 444 276 274 14. 104 13,932 13,608 $ 1,996 $5,388 55,022 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 (ie, zero variance). Input all amounts os positive values.)