14 Vulcan Flyovers Operating Data For the Month Ended July 31 Check my work 0.27 points Flights (q) Revenue ($350.00q) Expenses: Wages and salaries ($3,700+ $89.00q) Fuel ($30.00q) Airport fees ($860 +$33.00q) Aircraft depreciation ($10.00q) Office expenses ($210 +$1.00q) eBook Total expense Hint Print References Net operating income Actual Flexible Results Budget 56 56 Planning Budget 54 $ 16,200 $ 19,600 $ 18,900 8,646 8,684 8,506 1,850 1,680 1,620 2,563 2,708 2,642 560 560 540 434 266 264 14,053 13,898 13,572 $ 2,147 $ 5,702 $ 5,328 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 Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flexible Revenue and Activity Variances Budget Spending Variances Planning Budget Flights Revenue 56 56 54 $ 16,200 $ 19,600 $ 18,900 Expenses: Wages and salaries 8,646 8,684 8,506 Fuel 1,850 1,680 1,620 Airport fees 2,563 2,708 2,642 Aircraft depreciation 500 560 540 Office expenses 434 266 204 Total expense 14,053 13,898 13,572 Net operating income $ 2,147 $ 5,702 $ 5,320