Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4]Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below:Vulcan FlyoversOperating DataFor the Month Ended July 31Flights (q)Revenue ($355.00g)Expenses:Wages and salaries ($3,200+ $89.00q)Fuel ($32.000)Airport fees ($820 +$32.009)Office expenses ($250 + $1.00q)Aircraft depreciation ($10.009)Total expensesNet operating incomeActualResultsFlexibleBudgetPlanningBudget.565654$ 16,000$ 19,880$ 19,1708,1468,1848,0061,9581,7921,7282,5022,6122,54856056054047430630413,64013,45413,126$ 2,360$ 6,426$ 6,044The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at adiscount.Required:1. Prepare a flexible budget performance report for July.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). Input all amounts as positive values.

The flexible budget is prepared on the basis of standard rates for the actual level of production.…

Answered: Vulcan Flyovers offers scenic…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Waterways has two major public-park projects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain which will require special-order sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following events occurred during December 2012. Raw materials were requisitioned from the company's inventory on December 2 for $5,061; on December 8 for $1,059; and on December 14 for $3,459. In each instance, two-thirds (2/3) of these materials were for J57 and the rest for K52. Six time tickets were turned in for these two projects for a total amount of 18 hours of work. All the workers were paid $16.50 per hour. The time tickets were dated December 3, December 9, and December 15. On each of those days, 6 labor hours were spent on these jobs, two-thirds (2/3) for J57 and the rest for K52. The predetermined overhead rate is based on machine hours. The…
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