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 ($355.00q) $ 16,300 $ 20,945 $ 20,235
Expenses:
Wages and salaries ($3,800 + $89.00q) 9,013 9,051 8,873
Fuel ($32.00q) 2,054 1,888 1,824
Airport fees ($810 + $31.00q) 2,529 2,639 2,577
Aircraft depreciation ($9.00q) 531 531 513
Office expenses ($220 + $1.00q) 447 279 277
Total expense 14,574 14,388 14,064
Net operating income $ 1,726 $ 6,557 $ 6,171

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.)

Homework Answers

Answer #1
Flexible budget performance
Actual Revenue & spending Flexible Activity variance planning
variance budget budget
Revenue 16,300 4,645 U 20,945 710 F 20,235
expenses
Wages and salaries 9,013 38 F 9,051 178 U 8,873
Fuel 2,054 166 U 1,888 64 U 1,824
Airport fees 2,529 110 F 2,639 62 U 2,577
Aircraft depreciation 531 0 N 531 18 U 513
office expenses 447 168 U 279 2 U 277
total expense 14,574 186 U 14,388 324 U 14,064
net operating income 1,726 4,831 U 6,557 386 F 6,171
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