3 1.85 points eBook Vulcan Flyovers offers scenic overflights of Mount Saint 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 Flights (9) Revenue ($360.009) Expenses: Wages and salaries ($3,300 + $90.009) Fuel ($30.009) Airport fees ($850 + $33.009) Aircraft depreciation ($9.009) Office expenses ($250 + $1.009) Total expense Ask Net operating income Actual Results Flexible Budget Planning Budget 59 59 57 $ 16,300 $ 21,240 $ 20,520 8,570 8,610 8,430 1,940 1,770 1,710 2,682 2,797 2,731 531 531 513 477 14,200 309 14,017 307 13,691 $ 2,100 $ 7,223 $ 6,829 Print References 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.) Flights Revenue Actual Results 59 $ 16,300 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 59 57 $ 21,240 $ 20,520 Expenses: Wages and salaries 8,570 8,610 8,430 Fuel 1,940 1,770 1,710 Airport fees 2,682 2,797 2,731 Aircraft depreciation 531 531 513 Office expenses 477 309 307 Total expense 14,200 14,017 13,691 Net operating income $ 2,100 $ 7,223 $ 6,829