14 Results Budget Budget Flights (9) 56 56 54 Revenue ($340.00g) $16,000 $ 19,040 $18,360 Wages and salaries ($3,300 +$92.00g) 8,408 8,452 8,268 7 Fuel ($32.00g) 1,958 1,792 1,728 Airport fees ($850 +$32.00g) 2,522 2,642 2,578 Aircraft depreciation ($9.00g) 504 504 486 office expenses ($210 +$1.00g) 434 266 264 0416-28 Total expense 13,826 13,656 13,324 Set operating income $ 2,174 $ 5,384 $ 5,036 eBook Hint Print 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. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers ferences Flexible Budget Performance Report For the Month Ended July 31 + Flexible Actual Results Budget Planning Budget Fights Revenue 56 56 54 $ 16,000 $ 19,040 $ 18,360 Expenses: Wages and salaries 8,408 8,452 8.268 Fuel 1,958 1,792 1,728 Airport fees 2,522 2,642 2,578 Aircraft depreciation 504 504 486 Office expenses 434 266 264 Total expense 13,826 13,656 13,324 Net operating income $ 2.174 $ 5.384 $ 5,036