Vulcan Flyovers

Operating Data

For the Month Ended July $31$

Actual Results Flexible Budget Planning Budget

Flights $($q$)525250$

Revenue $($$$340\mathrm{.}00$q$)$ $ $16,300$ $ $17,680$ $ $17,000$

Expenses:

Wages and salaries $($$$3,700+$ $$91\mathrm{.}00$q$)8,3908,4328,250$

Fuel $($$$31\mathrm{.}00$q$)1,7801,6121,550$

Airport fees $($$$880+$ $$34\mathrm{.}00$q$)2,5132,6482,580$

Aircraft depreciation $($$$10\mathrm{.}00$q$)520520500$

Office expenses $($$$210+$ $$1\mathrm{.}00$q$)430262260$

Total expenses $13,63313,47413,140$

Net operating income $ $2,667$ $ $4,206$ $ $3,860$

The company measures its activity in terms of flight s$.$ Customers can buy individual tickets for overflights or hire an entire plane at a discount.

Required:

$1.$ Prepare a flexible budget performance report for July.

Note: 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.