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Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the companys operations in...

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Accounting

Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the companys operations in July appear below:
Vulcan Flyovers
Operating Data
For the Month Ended July 31
Actual Results Flexible Budget Planning Budget
Flights (q)525250
Revenue ($355.00q) $ 16,300 $ 18,460 $ 17,750
Expenses:
Wages and salaries ($3,200+ $87.00q)7,6907,7247,550
Fuel ($31.00q)1,7801,6121,550
Airport fees ($870+ $32.00q)2,3892,5342,470
Aircraft depreciation ($10.00q)520520500
Office expenses ($210+ $1.00q)430262260
Total expenses 12,80912,65212,330
Net operating income $ 3,491 $ 5,808 $ 5,420
The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount.
Required:
1. Prepare a flexible budget performance report for July.
Note: 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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