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Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that...

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Accounting

Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. 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)616159
Revenue ($345.00q) $ 16,300 $ 21,045 $ 20,355
Expenses:
Wages and salaries ($3,400+ $89.00q)8,7918,8298,651
Fuel ($31.00q)2,0591,8911,829
Airport fees ($860+ $30.00q)2,5802,6902,630
Aircraft depreciation ($9.00q)549549531
Office expenses ($220+ $1.00q)449281279
Total expense 14,42814,24013,920
Net operating income $ 1,872 $ 6,805 $ 6,435
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.)

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