2 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: 4 points Vulcan Flyoves Operating Data For the Month Unded July 1 Actual Flexible Planning Results Budget Budget Tight 53 53 51 Revente (6365.000 $16.500 510,285 17,393 Expenses Wages and salaries (53,000 - 091.0091 7.901 Fuel (533.00 1.933 1,349 Airport fees (1830. 031.00) 2.333 2.473 2.411 Alrerat depreciation (00.000 420 400 office expe (1210 - $1.000) 263 Total expense 12,02 1272 12404 Het operating Incone 7.823 The company measures its activity in terms of lights, 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Claim 2 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 4 points 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.) Book Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 51 53 Flights 53 $ $ $ 18.285 17,595 16.500 7,781 Revenue Expenses Wages and salaries Fuel Airport fees Arorah depreciation Office expenses Total expense Net operating income 1.913 2.333 424 7.823 1.749 2.473 424 263 12.732 5,083 7,841 1.683 2,411 408 25 431 12,062 3.610 12,404 5.191 $ 5 $