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: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 55 55 53 Tights (g) 0.28 03 $ 16,200 $ 19,525 $10,015 Revenue ($355.000) Expenses Wages and salaries ($3,600 + $98.000) Fol (532.000) Airport fees ($820 + $31.000) Aircraft depreciation (510.000) office expenses (5240 + $1.000) sotal expense Net operating income 8.404 8,440 8,264 1.926 1,760 1.696 2,410 2,525 (2,463 550 550 530 463 293 13,753 13,570 13,246 52.447 $5.955 $ 5,569 The company measures les 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 (le, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 55 Actual Results 55 Planning Budget 53 Flights Revenue $ 16.2001 $ 19.5257 $ 18.815 Mc Graw