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Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report (L09-4) 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 Romulta 61 Budget Budget Flights (9) 59 $ 16.400 $ 21,045 $ 20,355 Revenue ($345.009) Expenses Wages and salaries ($3,100 + $83.004) el (533.000) Airport fees ($890 - $30.004) Aircraft depreciation ($11.000) office expenses ($200 + $1.004) Total expense Bet operating income 8,432 8,468 8,292 2,177 2.013 1,947 2,605 2,220 2,660 671 671 649 429 261 259 14,314 14,133 13,807 2,086 6,912 6,548 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plone 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 (.e., zero variance). Input all amounts as positive values.) B 4 8 Lei VP 0 1 AILIS Luxget P1 | | | | | | | PIC 10 July at W WILL Teve II 1 v 2P 19 vi lt VLV 9) dVity valid TL. (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 4 61 Actual Results Planning Budget 59 Flights 61 $ 16.400 $ 21.045 $ 20,355 8.468 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8.432 2,177 2,605 671 429 2,013 2,720 671 8,292 1,947 2,660 649 259 14,314 2 OBS 261 14,133 6,012 13,807 6,548 $ $ $