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 Flexible Planning

Results Budget Budget

Flights (q) 62 62 60

Revenue ($345.00q) $16,200 $21,390 $20,700

Expenses:

Wages and salaries ($3,200 + $87.00q) 8,560 8,594 8,420

Fuel ($32.00q) 2,150 1,984 1,920

Airport fees ($830 + $31.00q) 2,622 2,752 2,690

Aircraft depreciation ($8.00q) 496 496 480

Office expenses ($240 + $1.00q) 470 302 300

Total expense 14,298 14,128 13,810

Net operating income $1,902 $7,262 $6,890

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.Complete the flexible budget performance report abstract for July.(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

Revenue and Spend Variances Activity Variances

(F, None, U) (F, None, U)

Revenue __________ _____________ __________ ___________

Expenses:

Wages and salaries __________ _____________ ___________ ___________

Fuel __________ _____________ ___________ ___________

Airport fees __________ _____________ ___________ ___________

Aircraft depreciation __________ _____________ ___________ ___________

Office expenses __________ _____________ ___________ ___________

Total expenses ___________ ____________ ___________ ___________

Net operating income ___________ _____________ ____________ ___________