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

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Accounting

Vulcan Flyovers offers scenic overflights of Mount St. 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) 62 62 60

Revenue ($355.00q) $ 16,100 $ 22,010 $ 21,300

Expenses:

Wages and salaries ($3,000 + $89.00q) 8,480 8,518 8,340

Fuel ($30.00q) 2,030 1,860 1,800

Airport fees ($880 + $32.00q) 2,759 2,864 2,800

Aircraft depreciation ($10.00q) 620 620 600

Office expenses ($200 + $1.00q) 430 262 260

Total expense 14,319 14,124 13,800

Net operating income $ 1,781 $ 7,886 $ 7,500

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. Complete the flexible budget performance report abstract for July. (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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