B Vulcan Flyovers offers scenic overflights of Mount Saint 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 bok: AP int ences Flights (q) Revenue ($350.00q) Expenses: Wages and salaries ($3,200 $86.00q). Fuel ($30.00q) Airport fees ($870 +$32.00q) Aircraft depreciation ($9.00g) Office expenses ($220 +$1.000) Total expense Net operating income Actual Results 60 Flexible Budget Planning Budget 60 58 $ 16,300 $ 21,000 $ 20,300 8,328 8,360 8,188 1,970 1,800 1,740 2,660 2,790 2,726 540 540 522 448 280 278 13,946 13,770 13,454 $ 2,354 $ 7,230 $ 6,846 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 (ie., zero variance). Input all amounts as positive values.) Vulcan Flyovers nts L eBook Hint 0! Ask 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.) Flights Revenue Expenses: Actual Results 60 $ 16,300 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 60 58 $ 21,000 $ 20,300 10 Print Wages and salaries 8,328 8,360 8,188 Fuel 1,970 1,800 1,740 Airport fees 2,660 2,790 2,726 References Aircraft depreciation 540 540 522 Office expenses 448 280 278 Total expense 13,946 13,770 13,454 Net operating income $ 2,354 $ 7,230 $ 6,846