Jackson, Inc., manufactures two products that it sells to the same market. Excerpted below are its budgeted and actual operating results for the year just completed: Budget Actual Unit sales Product X 24,100 51,000 Product Y 98,000 80,000 Unit contribution margin Product X $ 5.10 $ 4.10 Product Y $ 9.00 $ 10.00 Unit selling price Product X $ 9.00 $ 10.00 Product Y $ 30.00 $ 34.00 Industry volume was estimated to be 1,890,000 units at the time the budget was prepared. Actual industry volume for the period was 2,420,000 units. Jackson measures variances using contribution margin. If fixed costs are budgeted for $500,000 and are actually $500,000, what is the difference between budgeted and actual operating income

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 results flexible budget planning budget flights (q) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 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. prepare a flexible budget performance report for july that includes revenue and spending variances and activity variances.