Answer Happy

Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Flights (g) Revenue ($355.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,200+ $91.00g). Fuel ($34.00g) Airport fees ($810+ $31.00g) Aircraft depreciation ($9.00g) office expenses ($220+ $1.00g) Total expense Net operating income Actual Results 59 $ 16,200 8,527 2,168 2,529 531 447 14,202 $ 1,998 Flexible Budget 59 $ 20,945 8,569 2,006 2,639 531 279 14,024 $6,921 Planning Budget 57 $ 20,235 8,387 1,938 2,577 513 277 13,692 $ 6,543 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.)

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.) Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income $ Actual Results $ 59 16,200 8,527 2,168 2,529 531 447 14,202 1,998 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances U F U F C U None Answer is not complete. U U ››››000 Ⓒ ✪ Ⓒ Flexible Budget 59 $ 20,945 $ 8,569 2,006 2,639 531 279 14,024 6,921 Activity Variances F ככככככ U F ●●33333 O $ $ Planning Budget 57 20,235 8,387 1,938 2,577 513 277 13,692 6,543