Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively...

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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 ($355.009) Expenses: Wages and salaries ($3,700+ $88.009) Fuel ($32.009) Airport fees ($830 + $34.009) Aircraft depreciation ($9.009) Office expenses ($220 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,100 $ 19,880 $ 19,170 8,592 8,628 8,452 1,958 1,792 1,728 2,589 2,734 2,666 504 504 486 444 276 274 14,087 13,934 13,606 $ 2,013 $ 5,946 $ 5,564 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.) Vulcan Flyovers Flights Revenue Actual Results 56 $ 16,100 Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 56 54 $ 19,880 $ 19,170 Expenses: Wages and salaries 8,592 8,628 8,452 Fuel 1,958 1,792 1,728 Airport fees 2,589 2,734 2,666 Aircraft depreciation 504 504 486 Office expenses 444 276 274 Total expense 14,087 13,934 13,606 Net operating income $ 2,013 $ 5,946 $ 5,564 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 ($355.009) Expenses: Wages and salaries ($3,700+ $88.009) Fuel ($32.009) Airport fees ($830 + $34.009) Aircraft depreciation ($9.009) Office expenses ($220 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,100 $ 19,880 $ 19,170 8,592 8,628 8,452 1,958 1,792 1,728 2,589 2,734 2,666 504 504 486 444 276 274 14,087 13,934 13,606 $ 2,013 $ 5,946 $ 5,564 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.) Vulcan Flyovers Flights Revenue Actual Results 56 $ 16,100 Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 56 54 $ 19,880 $ 19,170 Expenses: Wages and salaries 8,592 8,628 8,452 Fuel 1,958 1,792 1,728 Airport fees 2,589 2,734 2,666 Aircraft depreciation 504 504 486 Office expenses 444 276 274 Total expense 14,087 13,934 13,606 Net operating income $ 2,013 $ 5,946 $ 5,564