Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below:

The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a

discount.

Required:

Prepare a flexible budget performance report for July.

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.Item$4$

$2$

points

eBookPrintReferencesItem $4$

Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company$$s operations in July appear below:

Vulcan Flyovers

Operating Data

For the Month Ended July $31$

Actual Results Flexible Budget Planning Budget

Flights $($q$)545452$

Revenue $($$$360\mathrm{.}00$q$)$ $ $16,000$ $ $19,440$ $ $18,720$

Expenses:

Wages and salaries $($$$3,200+$ $$90\mathrm{.}00$q$)8,0208,0607,880$

Fuel $($$$30\mathrm{.}00$q$)1,7901,6201,560$

Airport fees $($$$870+$ $$31\mathrm{.}00$q$)2,4142,5442,482$

Aircraft depreciation $($$$10\mathrm{.}00$q$)540540520$

Office expenses $($$$240+$ $$1\mathrm{.}00$q$)462294292$

Total expenses $13,22613,05812,734$

Net operating income $ $2,774$ $ $6,382$ $ $5,986$

The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount.

Required:

$1.$ Prepare a flexible budget performance report for July.

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.