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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) 53 53 51
Revenue ($360.00q) $ 16,100 $ 19,080 $ 18,360
Expenses:
Wages and salaries ($3,100 + $87.00q) 7,677 7,711 7,537
Fuel ($32.00q) 1,862 1,696 1,632
Airport fees ($850 + $33.00q) 2,499 2,599 2,533
Aircraft depreciation ($11.00q) 583 583 561
Office expenses ($220 + $1.00q) 441 273 271
Total expense 13,062 12,862 12,534
Net operating income $ 3,038 $ 6,218 $ 5,826

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.

Homework Answers

Answer #1
Actual results Revenue and spending variances Flexible budget Activity variances Planning budget
Flights 53 53 51
Revenue 16100 2980 U 19080 720 F 18360
Expenses:
Wages and salaries 7677 34 F 7711 174 U 7537
Fuel 1862 166 U 1696 64 U 1632
Airpost fees 2499 100 F 2599 66 U 2533
Aircraft depreciation 583 0 None 583 22 U 561
Office expenses 441 168 U 273 2 U 271
Total expense 13062 200 U 12862 328 U 12534
Net operating income 3038 3180 U 6218 392 F 5826
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