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4 Vulcan Flyovers offers scenic overlights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below. ts eBook Hint Vulcan Plyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 60 60 58 Revenue ($355.00) $ 16,300 $ 21,300 $20,590 Expenses: Wages and salaries ($3,500 + $89.00g) 8,802 8,840 8,662 Fuel ($32.009) 2,086 1,856 Airport fees ($870 + $31.000) 2,605 2,730 2,668 Aircraft depreciation ($10.000) 600 600 580 office expenses ($220 + $1.009) 448 280 278 Total expense 14,543 14,370 14.044 $ 1,759 $ 6,930 $ 6,546 Net operating income Print 1,920 ferences 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 58 Flights 60 60 $ 16,300 $ 21,300 $ 20,590 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,802 2,086 2,605 600 448 14,541 1,759 8,840 1.920 2,730 600 280 14,370 6.930 8,662 1,856 2.668 580 278 14,044 6.546 $ $ $