Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 60 60 58 Revenue ($340.00q) $ 16,500 $ 20,400 $ 19,720 Expenses: Wages and salaries ($3,400 + $90.00q) 8,760 8,800 8,620 Fuel ($33.00q) 2,144 1,980 1,914 Airport fees ($880 + $30.00q) 2,545 2,680 2,620 Aircraft depreciation ($10.00q) 600 600 580 Office expenses ($220 + $1.00q) 448 280 278 Total expense 14,497 14,340 14,012 Net operating income $ 2,003 $ 6,060 $ 5,708 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.

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 Results Budget Budget 60 60 58 Flights (9) Revenue ($340.009) $16,500 $20,400 $19,720 Expenses: Wages and salaries ($3,400 + $90.009) 8,760 8,800 8,620 Fuel ($33.009) 2,144 1,980 1,914 Airport fees ($880 + $30.009) 2,545 2,680 2,620 Aircraft depreciation ($10.009) 600 600 580 Office expenses ($220 + $1.009) 448 280 278 Total expense 14,497 14,340 14,012 Net operating income $ 2,003 $ 6,060 $ 5,708 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 60 Actual Results Planning Budget 58 Flights 60 Revenue $ 16.500 $ 20,400 $ 19.720 Expenses Wages and salaries 8,760 8,800 8,620 Fuel 2.144 1,980 1,914 2,620 Airport fees 2.545 2,680 600 600 580 448 280 278 Aircraft depreciation Office expenses Total expense Net operating income 14,497 14,340 14.012 $ 2,003 $ 6,060 $ 5,708