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) 53 53 51

Revenue ($355.00q) $ 16,300 $ 18,815 $ 18,105

Expenses:

Wages and salaries ($3,200 + $88.00q) 7,828 7,864 7,688

Fuel ($33.00q) 1,913 1,749 1,683

Airport fees ($810 + $30.00q) 2,300 2,400 2,340

Aircraft depreciation ($11.00q) 583 583 561

Office expenses ($240 + $1.00q) 461 293 291

Total expenses 13,085 12,889 12,563

Net operating income $ 3,215 $ 5,926 $ 5,542

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

Vulcan Flyovers
Operating Data
For the Month Ended July 31
	Actual Results	Flexible Budget	Planning Budget
Flights (q)	53	53	51
Revenue ($355.00q)	$ 16,300	$ 18,815	$ 18,105
Expenses:
Wages and salaries ($3,200 + $88.00q)	7,828	7,864	7,688
Fuel ($33.00q)	1,913	1,749	1,683
Airport fees ($810 + $30.00q)	2,300	2,400	2,340
Aircraft depreciation ($11.00q)	583	583	561
Office expenses ($240 + $1.00q)	461	293	291
Total expenses	13,085	12,889	12,563
Net operating income	$ 3,215	$ 5,926	$ 5,542

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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