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) 54 54 52 Revenue ($340.00q) $ 16,000 $ 18,360 $ 17,680 Expenses: Wages and salaries ($3,700 + $92.00q) 8,624 8,668 8,484 Fuel ($34.00q) 1,998 1,836 1,768 Airport fees ($840 + $34.00q) 2,551 2,676 2,608 Aircraft depreciation ($11.00q) 594 594 572 Office expenses ($210 + $1.00q) 432 264 262 Total expense 14,199 14,038 13,694 Net operating income $ 1,801 $ 4,322 $ 3,986 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.)

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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: 52 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 54 54 Revenue ($340.00g) $ 16,000 $18,360 $ 17,680 Expenses: Wages and salaries ($3,700 + $92.009) 8,624 8,668 8,484 Fuel ($34.000) 1,998 1,836 1,768 Airport fees ($840 + $34.00) 2,551 2,676 2,608 Aircraft depreciation ($11.009) 594 594 572 Office expenses ($210 + $1.009) 432 264 262 Total expense 14,199 14,038 13,694 Net operating income $ 1,801 $ 4,322 $ 3,986 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 Flexible Budget 54 Actual Results Planning Budget 52 Flights 54 $ 16,000 $ 18,360 $ 17,680 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,624 1,998 2,551 594 8,668 1,836 2,676 594 8,484 1,768 2,608 572 432 264 14,199 1,801 14,038 4,322 262 13,694 3,986 $ $ $