56 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 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 56 54 Revenue ($345.00) $ 16,100 $ 19,320 $ 18,630 Expenses: Wages and salaries ($3,6ee + $92.089) 8,788 8,752 8,568 Fuel (538.ee) 1,850 1,680 1,620 Airport fees (584e + $30.089) 2,395 2,520 2,450 Aircraft depreciation ($8.009) 448 432 Office expenses ($250 + $1.689) 474 306 Total expense 13,875 13,706 13,384 Net operating income $ 2,225 $5,614 $ 5,246 445 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 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget Actual Results 56 56 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 54 56 56 Flights $ $ 19,320 18,630 $ 16.100 8,752 8,568 8,708 1,680 1,820 1,850 2.460 Revenue Expenses Wagos and salarios Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2.395 432 2,520 448 306 448 474 304 13,384 5,246 13,875 2,225 13,706 5,614 $ $