6 oints eBook Hint 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 FlexiblePlanning Results Budget Budget Flights (9) 61 61 59 Revenue ($350.000) $16,400 $21,350 $20,650 Expenses: Wages and salaries ($3,200 + $89.000) 8,591 8,629 8,451 Puel ($31.009) 2,059 1,891 1,829 Airport fees (5810 + $32.009) 2,657 2,762 2,698 Aircraft depreciation ($8.000) 488 488 472 office expenses ($210 + $1.009) 439 271 269 Total expense 14,234 24,041 13,719 Bet operating income $ 2,166 $ 7,309 $ 6,931 Print 0 Reference The company measures its activity in terms of flights Customers can buy individual tickets for overlights 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 " 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 Revenue and Actual Flexible Activity Planning Spending Results Variances Budget Variances Budget Flights 51 61 59 $ 16,400 tu $ 21,3501 F $ 20,650 8,591 F Revenue Expenses Wages and salaries Fuel Airport fees Alrcran depreciation Office expenses Total expense Net operating income 8.629 1.891 2,762 488 8.451 1.829 2.698 F 2,059 2.657 488 439 14,234 $ 2,166 CCCCCC None lu 271 14041 7.309 472 269 12.719 6,931 U 5 F 5