Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Wa

Question

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below For the Month Ended July 31 Actual Flexible Panning Wages and salanies (53.500+58800a 8392 842 252 Office expenses (5200+100 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. Complete the flexible budget performance report abstract for July (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.) Hints Relerences eBook &Resources;

Explanation / Answer

Flexible budget performance Actual Revenue & spending Flexible Activity variance planning variance budget budget Revenue 16,400 3,760 U 20,160 720 F 19,440 expenses Wages and salaries 8,392 36 F 8,428 176 U 8,252 Fuel 1,958 166 U 1,792 64 U 1,728 Airport fees 2,649 115 F 2,764 68 U 2,696 Aircraft depreciation 448 0 N 448 16 U 432 office expenses 424 168 U 256 2 U 254 total expense 13,871 183 U 13,688 326 U 13,362 net operating income 2,529 3,943 U 6,472 394 F 6,078

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