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Exercise 9-4 Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount...

Exercise 9-4 Prepare a Flexible Budget Performance Report [LO9-4]

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) 56 56 54
Revenue ($345.00q) $ 16,300 $ 19,320 $ 18,630
Expenses:
Wages and salaries ($3,700 + $91.00q) 8,754 8,796 8,614
Fuel ($32.00q) 1,958 1,792 1,728
Airport fees ($810 + $33.00q) 2,528 2,658 2,592
Aircraft depreciation ($8.00q) 448 448 432
Office expenses ($250 + $1.00q) 474 306 304
Total expense 14,162 14,000 13,670
Net operating income $ 2,138 $ 5,320 $ 4,960

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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