Ch 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) 61 61 59 Revenue ($350.009) $ 16,400 $ 21,350 $ 20,650 Expenses: Wages and salaries ($3,400 + $88.009) 8,732 8,768 8,592 Fuel ($31.009) 2,059 1,891 1,829 Airport fees (5820 + $33.089) 2,693 2,833 2,767 Aircraft depreciation (59.809) 549 549 531 Office expenses ($210 - $1.089) 439 271 269 Total expense 14,472 14,312 13,988 $ 1,928 $ 7,038 $ 6,662 Net operating income 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.) Che 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 59 Flights 61 61 $ 16,400 $ 21,350 $ 20,650 Revenue Expenses Wages and salaries Fuel 8,732 2,059 2,693 549 439 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,768 1 891 2.833 549 271 8,592 1.829 2,767 531 14 312 14.472 1,928 269 13,988 6,662 $ $ 7038 $