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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Dato concerning the company's operations in July appear below. Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Planning Budget Budget Flights (9) 60 $ 16,300 $ 20,780 $ 20,818 8,502 Revenue ($345.689) Expensest Wages and salaries (53,200 - $89.689) Fuel (533.000) Airport fees (5860 - $32.08) Aircraft depreciation (59.600) Office expenses (5230 - $1.299) Total expense Net operating income 8,362 1.914 2.716 2.144 1.989 562.789 540 14.319 1.981 14,132 6.570 5 13,502 6 .205 $ $ 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 Budoet Fights 60 col 16.3001 $ 20,700 20,010 8,5021 8,302 2,144 1.914 Revenue Expenses Wapes and salaries Fuel Airport foes Aircraft depreciation Office expenses Total expense Net operating income 8,5401 1,900 2,780 5401 2,675 540 488 2901 143191 T L 14,130 6,5701 s