2. 10.00 points 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. Planning Budget $20,355 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Results Budget Flights (ol Revenue ($345.00) $18,000 $21,046 Expenses Wages and salaries (53.100 $80.000) Fuel (533 002) 2, 177 2013 Airport fees ($980 $33.000) 2.7092 983 Aircraft depreciation ($10.00) Office expenses ($200+ $1.000) 201 Total expense 14,495 14,306 Net operating income 3 1.5053 0.739 8.491 3.520 2.351 1,947 13.074 38.381 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. Comolcte the flexible budoct performance report abstract for July (indicate the effect of each variance by selecting for favorable, "U" for unfavorable, and "None" for no effect (i.6., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances Activity Variances Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income