Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State th 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 Flights (9) 55 55 53 Revenue ($345.089) $ 16,000 $ 18,975 $ 18,285 Expenses: Wages and salaries ($3,500 + $91.809) 8,463 8,585 8,323 Fuel ($30.08) 1,820 1,650 1,590 Airport fees (5870 + $31.00) 2,455 2,575 2,513 Aircraft depreciation ($11.009) 605 605 583 Office expenses ($200 + $1.009) 423 255 253 Total expense 13,766 13,590 13,262 Net operating income $ 2,234 $ 5,385 $ 5,023 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.) 5 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planner Budge Flights 55 55 Revenue s 16,000 $ 18,975 11 $ 8,463 8,505 1,650 1,820 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 2,575 2.455 605 423 605 255 4900 49enn 55 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 Flights (9) Budget 55 53 Revenue ($345.009) $ 16,000 $18,975 $ 18,285 Expenses: Wages and salaries ($3,500 + $91.009) 8,463 8,505 8,323 Fuel ($30.00) 1,820 1,650 1,590 Airport fees ($870 + $31.089) 2,455 2,575 2,513 Aircraft depreciation ($11.809) 605 605 583 Office expenses ($200 + $1.00) 423 255 253 Total expense 13,766 13,590 13, 262 Net operating income $ 2,234 $ 5,385 $ 5,023 ok Take mt 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 (ie., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 55 Actual Results Planning Budget 53 Flights 55 16,000 $ 18,975 $ 18,285 Reverve Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Ofis ex 8,483 1,020 2,455 605 423 13.700 8,505 1.650 2,575 005 8,323 1,590 2513 583 253 13.252 5,023 255 13,500 5.35 Net Operating income $ 224 S $