3 4 points 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 (q) eBook Revenue ($345.009) Hint Expenses: Wages and salaries ($3,100 + $88.009) Fuel ($33.009) Airport fees ($860 + $32.009) Aircraft depreciation ($10.009) Office expenses ($200 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 58 58 56 $ 16,200 $ 20,010 $ 19,320 8,168 8,204 8,028 2,078 1,914 1,848 2,576 2,716 2,652 580 580 560 426 13,828 $ 2,372 258 256 13,672 13,344 $ 6,338 $ 5,976 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 Vulcan Flyovers Flexible Budget Performance Report Actual Results For the Month Ended July 31 Revenue and Spending Variances Flexible Activity Variances Budget Planning Budget 58 58 56 $ 16,200 $ 20,010 $ 19,320 Expenses: Wages and salaries 8,168 8,204 8,028 Fuel 2,078 1,914 1,848 Airport fees 2,576 2,716 2,652 Aircraft depreciation 580 580 560 Office expenses 426 258 256 Total expense 13,828 13,672 13,344 Net operating income $ 2,372 $ 6,338 $ 5,976