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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 $) 61 61 59$

Revenue $($ $ $345.00$ q $)$ $ $16, 300$ $ $21, 045$ $ $20, 355$

Expenses:

Wages and salaries $($ $ $3, 400 +$ $ $89.00$ q $) 8, 791 8, 829 8, 651$

Fuel $($ $ $31.00$ q $) 2, 059 1, 891 1, 829$

Airport fees $($ $ $860 +$ $ $30.00$ q $) 2, 580 2, 690 2, 630$

Aircraft depreciation $($ $ $9.00$ q $) 549 549 531$

Office expenses $($ $ $220 +$ $ $1.00$ q $) 449 281 279$

Total expense $14, 428 14, 240 13, 920$

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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