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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that...

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Accounting

Vulcan Flyovers offers scenic overflights of Mount St. 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) 59 59 57 Revenue ($355.00q) $ 16,100 $ 20,945 $ 20,235 Expenses: Wages and salaries ($3,100 + $90.00q) 8,370 8,410 8,230 Fuel ($31.00q) 1,997 1,829 1,767 Airport fees ($820 + $30.00q) 2,450 2,590 2,530 Aircraft depreciation ($10.00q) 590 590 570 Office expenses ($210 + $1.00q) 437 269 267 Total expense 13,844 13,688 13,364 Net operating income $ 2,256 $ 7,257 $ 6,871 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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