Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier. Management identified two cost drivers for budgeting purposes-the number of cruises and the number of passengers. The company publishes a schedule of day cruises that it may supplement with special sailings if there is sufficient demand. Up to 88 passengers can be accommodated on the tour boat. Data concerning the company's cost formulas appear below: Vessel operating costs Advertising Administrative costs Insurance Fixed Cost per Cost per Month Cruise $ 6,200 $479.00 $ 2,200 Cost per Passenger $ 3.00 $ 5,500 $ 33.00 $ 3,400 $ 1.50 For example, vessel operating costs should be $6,200 per month plus $479.00 per cruise plus $3.00 per passenger. The company's sales should average $30.00 per passenger. In July, the company provided 51 cruises for a total of 3,150 passengers. Required: Prepare the company's flexible budget for July. Alyeski Tours Flexible Budget For the Month Ended July 31 Revenue Expenses: Vessel operating costs Advertising Administrative costs Insurance Total expenses Net operating income