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Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington...

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Accounting

Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in $1982 .$ 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 $) 57 57 55$

Revenue $($ $ $350.00$ q $)$ $ $16, 100$ $ $19, 950$ $ $19, 250$

Expenses:

Wages and salaries $($ $ $3, 100 +$ $ $89.00$ q $) 8, 135 8, 173 7, 995$

Fuel $($ $ $34.00$ q $) 2, 100 1, 938 1, 870$

Airport fees $($ $ $830 +$ $ $31.00$ q $) 2, 457 2, 597 2, 535$

Aircraft depreciation $($ $ $11.00$ q $) 627 627 605$

Office expenses $($ $ $240 +$ $ $1.00$ q $) 465 297 295$

Total expense $13, 784 13, 632 13, 300$

Net operating income $ $2, 316$ $ $6, 318$ $ $5, 950$

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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