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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results 57 Flexible Planning Budget Budget 57 55 Flights (9) $ 16,200 $ 19,950 $ 19,250 Revenue ($350.009) Expenses : Wages and salaries ($3,400 + $87.009) Fuel ($33.004) Airport fees ($810 + $31.009) Aircraft depreciation ($10.009) Office expenses ($220 + $1.009) Total expense Net operating income 8,325 8,359 8,185 2,045 1,881 1,815 2,442 2,577 2,515 570 570 550 445 277 275 13,827 13,664 13,340 $ 2,373 $ 6,286 $ 5,910 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Variances Budget Actual Results Activity Variances Planning Budget 55 Flights 57 57 CA $ 16,200 $ $ 19,950 19,250 8,325 8,185 8,359 1,881 1,815 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,577 2,515 2,045 2,442 570 445 13,827 2,373 570 277 13,664 6,286 550 275 13,340 5,910 $ $ $

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