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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

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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 54 Flights (9) 54 52 Fook $ 16,300 $ 18,900 $ 18,200 8,084 rint 2,596 Revenue ($350.000) Expenses : Wages and salaries ($3,300 + $92.00) Fuel ($31.00) Airport fees ($880 + $33.009) Aircraft depreciation ($9.009) Office expenses ($240 + $1.00g) Total expense Net operating income Fences 8,224 8,268 1,842 1,674 2,562 2,662 486 486 462 294 13,576 13,384 $ 2,724 $ 5,516 13,052 $ 5,148 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 Flexible Budget Performance Report For the Month Ended July 31 16 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.) n oints Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget eBook Hint Actual Results 54 Planning Budget 52 Flights Print References Revenue $ 16,300 $ 18,900 $ 18,200 8,224 8,084 8,268 1,674 1,612 2,596 2,662 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 468 1,842 2,562 486 462 13,576 2,724 486 294 13,384 5,516 292 13,052 5,148 $ $ $

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