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Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the companys operations in...

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Accounting

Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the companys operations in July appear below:

Vulcan Flyovers

Operating Data

For the Month Ended July $31$

Actual Results Flexible Budget Planning Budget

Flights $($ q $) 52 52 50$

Revenue $($ $ $355.00$ q $)$ $ $16, 300$ $ $18, 460$ $ $17, 750$

Expenses:

Wages and salaries $($ $ $3, 200 +$ $ $87.00$ q $) 7, 690 7, 724 7, 550$

Fuel $($ $ $31.00$ q $) 1, 780 1, 612 1, 550$

Airport fees $($ $ $870 +$ $ $32.00$ q $) 2, 389 2, 534 2, 470$

Aircraft depreciation $($ $ $10.00$ q $) 520 520 500$

Office expenses $($ $ $210 +$ $ $1.00$ q $) 430 262 260$

Total expenses $12, 809 12, 652 12, 330$

Net operating income $ $3, 491$ $ $5, 808$ $ $5, 420$

The company measures its activity in terms of flights. 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.

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