Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in Data concerning the companys operations in July appear below:
Vulcan Flyovers
Operating Data
For the Month Ended July
Actual Results Flexible Budget Planning Budget
Flights q
Revenue $q $ $ $
Expenses:
Wages and salaries $ $q
Fuel $q
Airport fees $ $q
Aircraft depreciation $q
Office expenses $ $q
Total expense
Net operating income $ $ $
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:
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 ie zero variance Input all amounts as positive values.
