Vulcan Flyovers offers scenic overflights of Mount Saint 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 Flights (q) Revenue ($350.00q) Expenses: Wages and salaries ($3,700 + $88.00g) Fuel ($33.00g) Airport fees ($850 + $35.00g) Aircraft depreciation ($11.00g) Office expenses ($230 + $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 62 $ 16,400 62 $ 21,700 60 $ 21,000 9,120 9,156 8,980 2,210 2,046 1,980 2,905 3,020 2,950 682 682 660 460 292 290 15,377 15,196 14,860 $ 1,023 $ 6,504 $ 6,140 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 (i.e., zero variance). Input all amounts as positive values.) 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 (i.e., zero variance). Input all amounts as positive values.) Flights Revenue Actual Results 62 $ 16,400 Answer is not complete. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 62 60 U $ 21,700 F $ 21,000 Expenses: Wages and salaries 9,120 F 9,156 U 8,980 Fuel 2,210 U 2,046 U 1,980 Airport fees 2,905 F 3,020 U 2,950 Aircraft depreciation 682 682 U 660 Office expenses 460 U 292 U 290 Total expense 15,377 U 15,196 U 14,860 Net operating income $ 1,023 U 6,504 F $ 6,140 Retu Fixed Cost Cost per per Month Repair-Hour Wages and salaries Parts and supplies Equipment depreciation $ 21,500 $ 15.00 $ 7.10 $ 2,790 $ 0.45 Truck operating expenses $ 5,710 $ 1.80 $ 4,650 $ 3,850 $ 0.50 Rent Administrative expenses For example, wages and salaries should be $21,500 plus $15.00 per repair-hour. The company expected to work 2,600 repair-hours in May, but actually worked 2,500 repair-hours. The company expects its sales to be $50.00 per repair-hour. Required: Compute the company's activity variances for May. (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.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Revenue Expenses: Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net operating income F None U