Answers
| Ans. | VULCAN FLYOVERS | |||||||||
| Flexible Budget Performance Report | ||||||||||
| For the Month Ended JULY 31 | ||||||||||
| Actual Results | Spending variance | Flexible Budget | Activity variance | Planning Budget | ||||||
| Flights | 62 | 62 | 60 | |||||||
| Revenue | $16,100 | $5,290 | U | $21,390 | $690 | F | $20,700 | |||
| Expenses: | ||||||||||
| Wages and salaries | $8,980 | $38 | F | $9,018 | $178 | U | $8,840 | |||
| Fuel | $2,150 | $166 | U | $1,984 | $64 | U | $1,920 | |||
| Airport fees | $2,729 | $115 | F | $2,844 | $64 | U | $2,780 | |||
| Aircraft depreciation | $496 | $0 | none | $496 | $16 | U | $480 | |||
| Office expenses | $450 | $168 | U | $282 | $2 | U | $280 | |||
| Total expenses | $14,805 | $181 | U | $14,624 | $324 | U | $14,300 | |||
| Net operating income | $1,295 | $5,471 | U | $6,766 | $366 | F | $6,400 | |||
| *Flexible budget is prepared on the basis of actual units. | ||||||||||
| *Fixed costs remain constant on each level of sales. | ||||||||||
| Revenue & Spending variance = Actual results - Flexible budget | ||||||||||
| Activity variance = Flexible budget - Planning budget | ||||||||||
| *Increase in revenue or net operating income and decrease in expenses from Planning budget to Flexible budget and flexible budget to actual results = Favorable. | ||||||||||
| *Decrease in revenue or net operating income and increase in expenses from Planning budget to flexible budget and flexible budget to actual results = Unfavorable. | ||||||||||
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