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

Question

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

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 19Required: 1. Complete the flexible budget performance report abstract for July. (Indicate the effect of each variance by sele

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: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 60 60 58 Revenue ($355.000) $ 16,300 $ 21,300 20,590 8,702 8,7408,562 Expenses: Wages and salaries ($3,400+ $89.000) Fuel ($34.000 Airport fees ($870 + $34.00) Aircraft depreciation ($8.00m) Office expenses ($210 + $1.000) 2,040 1,972 2,805 480 438 2,910 480 270 2,842 464 2 68 Total expense 14,627 14,440 14,108 Net operating income $ 1,673 $ 6,860 $6,482 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances Activity Variances Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income

Answers

Flexible budget performance report

Revenue and spending variance Activity variance
Revenue 16300-21300 = 5000 U 21300-20590 = 710 F
Expenses
Wages and salaries 8702-8740 = 38 F 8740-8562 = 178 U
Fuel 2202-2040 = 162 U 2040-1972 = 68 U
Airport fees 2805-2910 = 105 F 2910-2842 = 68 U
Aircraft depreciation 0 None 480-464 = 16 U
Office expenses 438-270 = 168 U 2 U
Total expense 187 U 332 U
Net operating income 5187 U 378 F


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