1 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) 0.66 points 54 54 52 $ 16,100 $ 18,630 $ 17,940 Revenue ($345.00) Expenses: Wages and salaries ($3,588 + $87.ee) Fuel ($32.889) Airport fees ($800 + $30.089) Aircraft depreciation ($9.089) Office expenses ($210 + $1.689) Total expense Net operating income 8,164 8,198 8,024 1,894 1,728 1,664 2,280 2,420 2, 360 486 486 468 432 264 262 13, 256 13,096 12,778 $ 2,844 $ 5,534 $ 5,162 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 varlances. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero varlance). Input all amounts as positive values.) Answer is complete but not entirely correct. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Flexible Spending Variances Activity Variances Budget 54 Actual Results Planning Budget 52 Flights 54 Revenue IS 16.100 IS 2,530 C $ 18,630 IS 890 17.940 8,164 153 XF 174 8,198 1,728 xxx 8,024 1.684 1.894 145 xu 90 F 64 2.280 2,420 60 U 2,360 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income OOOOOO 486 486 18 U 488 432 9 XU 179 B XU 284 2 U 282 BI 13,256 318 U 12,778 13,096 5,534 IS 2,844 IS 3,620 xu $ $ 372 F IS 5,162