4 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: 3.33 points Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results 55 Flexible Planning Budget Budget 55 53 Flights (9) eBook $ 16,100 $ 19,525 $ 18,815 Hint Revenue ($355.00) Expenses : Wages and salaries ($3,200 + $91.00) Fuel ($34.00) Airport fees ($860 + $34.00) Aircraft depreciation ($9.00) Office expenses ($210 + $1.009) Total expense Net operating income 8,163 8, 205 8,023 2,032 1,870 1,802 2,600 2,730 2,662 495 495 477 433 265 263 13,723 13,565 13,227 $ 2,377 $ 5,960 $ 5,588 Print References 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.) Hint 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.) Print References Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 53 Flights 55 55 Revenue $ 16,100 $ 19,525 $ 18,815 Expenses: Wages and salaries Fuel 8,163 8,205 8,023 2,032 1,870 1,802 2,600 2,730 Airport fees Aircraft depreciation 495 495 2,662 477 263 433 265 Office expenses Total expense 13,723 13,565 13,227 Net operating income $ 2,377 $ 5,960 $ 5,588