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) 57     57     55    
  Revenue ($345.00q) $ 16,200     $ 19,665     $ 18,975    
  Expenses:
       Wages and salaries ($3,400 + $91.00q) 8,545   8,587     8,405    
       Fuel ($32.00q) 1,990   1,824     1,760    
       Airport fees ($860 + $35.00q) 2,715     2,855     2,785    
       Aircraft depreciation ($10.00q) 570     570     550    
       Office expenses ($230 + $1.00q) 455     287     285    
  Total expense 14,275   14,123     13,785    
  Net operating income $ 1,925   $ 5,542     $ 5,190    

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.)

Vulcan Flyovers
Flexible Budget Performance Report
For the Month Ended July 31
Revenue and Spending Variances Activity Variances
Revenue
Expenses:
Wages and salaries
Fuel
Airport fees
Aircraft depreciation
Office expenses
Total expense
Net operating income

Homework Answers

Answer #1
Flexible Budget Performance Report
For the Month Ended July 31
Actual Revenue and Spending Variances Flexible budget Activity Variances Planning budget
Revenue 16200 3465 U 19665 690 F 18975
Expenses:
Wages and salaries 8545 42 F 8587 182 U 8405
Fuel 1990 166 U 1824 64 U 1760
Airport fees 2715 140 F 2855 70 U 2785
Aircraft depreciation 570 0 None 570 20 U 550
Office expenses 455 168 U 287 2 U 285
Total expense 14275 152 U 14123 338 U 13785
Net operating income 1925 3617 U 5542 352 F 5190
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