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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 Plyovers Operating Data For the Month Inded July 31 Actual Flexible Planning Results Budget Budget Flights (g) 52 52 50 Revenue (5350.000) $16,100 $ 15,200 $ 17,500 Expenses Wages and salaries (53,800 - 507.0091 8,290 8.324 8,150 Fuel (534.000) 1.930 1.768 1.700 Airport fees (5860 + $34.000) 2,483 2,620 2.560 Aircraft depreciation (58.000) 416 416 400 ottice expenses (5240 + $1.000) 460 292 290 Total expense 13.579 13.420 13, 100 Met operating income $ 2.5214,722 $4,400 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plano 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 Actual Results Flights Planning Budget 50 52 52 $ 16,100 $ 18,200 $ 17,500 8.290 1,930 8,150 1.700 Revenue Expenses Wages and salaries Fuel Airport foes Aircraft depreciation Office expenses Total expense Net operating income 8.324 1,768 2.628 416 2,483 416 460 13,579 2.521 292 13,428 4.772 2.560 400 290 13,100 4.400 $ $ $

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