work - Chapter 9 Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [109-4] 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 Valcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Result Budget Budget 52 52 50 Flights to $16.400 $15.720 $13,000 Revenue (5360.00) Expenses: Wages and salaries ($3.000 - 591.0001 Fuel 1633.000) Airport fees (5690 + $31.000) Aircraft depreciation ($9.00) office expenses ($250 + $1.000) Total expense Bet operating income 7,690 7,732 7.550 1.880 1.716 1, 650 2,402 2.502 2,440 468 460 450 450 280 12,890 12,700 12,370 $ 3,510 6 6,020 $ 5.630 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 effectie, zero variance). Input all amounts as positive values.) Vulcan Flyoven Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Pad Activity Variances Planning Budget The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an enti overflight at a discount, Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity varie the effect of each variance by selecting "Ffor favorable, "U" for unfavorable, and "None" for no effect i.e., zero va all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Variances Budget 52 Actual Results Activity Variances Planning Budget 50 52 Flights 18.000 S Revenue 18,720 $ 16.400 Expenses 7.550 7.782 7 690 1650 U 1,716 Wages and salaries Fuel Airport fees 1,880 2440 IF 2 402 2.502 450 0 None 468 468 Aircraft depreciation 280 282 Office expenses 450 12.370 12 700 Total expense 12,890 5.630 6.020 Net operating income S 3.510