Question

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

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
Flexible
Budget
Planning
Budget
Flights (q) 59 59 57
Revenue ($340.00q) $ 16,200 $ 20,060 $ 19,380
Expenses:
Wages and salaries ($3,100 + $92.00q) 8,484 8,528 8,344
Fuel ($32.00q) 2,054 1,888 1,824
Airport fees ($890 + $34.00q) 2,791 2,896 2,828
Aircraft depreciation ($10.00q) 590 590 570
Office expenses ($240 + $1.00q) 467 299 297
Total expense 14,386 14,201 13,863
Net operating income $ 1,814 $ 5,859 $ 5,517

  

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.)

Homework Answers

Answer #1
Flexible budget performance
Actual Revenue & spending Flexible Activity variance planning
variance budget budget
Revenue 16,200 3,860 U 20,060 1,775 F 18,285
expenses
Wages and salaries 8,484 44 F 8,528 184 U 8,344
Fuel 2,054 166 U 1,888 64 U 1,824
Airport fees 2,791 105 F 2,896 68 U 2,828
Aircraft depreciation 590 0 N 590 20 U 570
office expenses 467 168 U 299 2 U 297
total expense 14,386 185 U 14,201 338 U 13,863
net operating income 1,814 4,045 U 5,859 1,437 F 4,422
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