62 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) 62 60 Revenue ($345.000) $ 16,500 $ 21,390 $ 20,700 Expenses: Hages and salaries (53,600 + 586 094) 8,900 8,932 8,760 Tuel ($33.809) 2,210 2,046 1,980 Alrport fees (5870 $30.009 2.625 2,730 2,670 Aircraft depreciation (511.609) 682 682 office expenses ($208 51.289) 262 nes Total expense 14,847 14 652 14,33 Met operating income $1,653 36,738 56,370 660 260 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or Hire an entire piane for an overflight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity vartances. (Indicate the effect of each variance by selecting "F* for favorable, "U" for unfavorable, and "None" for no effect fi.e., zero variance). Input all amounts os positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results 62 Flights Planning Budget 60 62 5 16.500 $ 21.390 5 20.700 8.900 2.210 Revue Exper: Wages and salaries Airport fees Arcraft depreciation Office experts Total expen Netopeng income 8932 2.046 2.730 682 262 682 430 8.760 1980 2.670 660 260 1433 630 16047 $ 14 652 6,730 3