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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) 54 54 52 Revenue ($360.00q) $ 16,000 $ 19,440 $ 18,720 Expenses: Wages and salaries ($3,200 + $89.00q) 7,968 8,006 7,828 Fuel ($32.00q) 1,894 1,728 1,664 Airport fees ($820 + $32.00q) 2,438 2,548 2,484 Aircraft depreciation ($10.00q) 540 540 520 Office expenses ($210 + $1.00q) 432 264 262 Total expense 13,272 13,086 12,758 Net operating income $ 2,728 $ 6,354 $ 5,962 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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Answer #1
Flexible budget performance Results
Actual Budget Revenue and Spending variances Flexible Budget Actvity variances Planning Budget
Flights 54 54 52
Revenue 16000 3440 U 19440 720 F 18720
Expenses:
Wages and Salaries 7968 38 F 8006 178 U 7828
Fuel 1894 166 U 1728 64 U 1664
Airport Fees 2438 110 F 2548 64 U 2484
Aircraft Depreciation 540 0 None 540 20 U 520
Office Expense 432 168 U 264 2 U 262
Total Expenses 13272 186 U 13086 328 U 12758
Net operating Income 2728 3626 U 6354 392 F 5962
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