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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
Planning Budget
Flexible Budget
Actual Results
Flights (q)
50
48
Revenue ($320.00q)
$16,000
$15,360
$13,650
Expenses:
Wages and salaries ($4,000 + $82.00q)
8,100
7,936
8,430
Fuel ($23.00q)
1,150
1,104
1,260
Airport fees ($650 + $38.00q)
2,550
2,474
2,350
Aircraft depreciation ($7.00q)
350
336
Office expenses ($190 + $2.00q)
290
286
460
Total expense
12,440
12,136
12,836
Net operating income
$3,560
$3,224
$814
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.
1) Prepare a flexible budget performance report for July
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