Astro Airlines provides flyovers of Minute Maid Stadium and downtown for tourists. Data concerning the company's operations in July appear below: Astro Airlines Operating Data For the Month Ended July 31 Actual Results 54 Flexible Planning Budget Budget 54 52 Flights (9) $ 16,300 $ 18,630 $ 17,940 Revenue ($345.009) Expenses: Wages and salaries ($3,000 + $91.000) Fuel ($33.089) Airport fees (5830 + $34.00) Aircraft depreciation ($10.08) Office expenses ($240 + $1.000) Total expense Net operating income 7,872 7,914 7,732 1,946 1,782 1,716 2,526 2,666 2,598 540 540 520 462 294 292 13,346 13,196 12,858 $ 2,954 $ 5,434 5 5,082 Tourists can purchase tickets individually or hire an entire plane at a discount. Astro Airlines measures its activity in terms of flights 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.) Astro Airlines Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 52 Flights 54 54 Revenue $ 16,300 $ 18,630 5 17.940 Expenses Wages and salaries Fuel Airport fees 7,872 1.946 7.914 1.782 2,666 7.732 1.716 2,598 2.526 10 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.) Astro Airlines Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 54 Actual Results Planning Budget 52 Flights 54 $ 16,300 $ 18,630 $ 17 940 7,872 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1.946 2.526 540 462 13,346 7,914 1,782 2.666 540 294 13.196 5.434 7,732 1.716 2.598 520 292 12.858 5,082 S 2.954 $ 5