Chapter 9 2 Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that e concerning the company's operations in July appear below Vulcan Flyovers Operating Data For the Month Ended July 31 10 Actual FlexiblePlanning Results Budget Budget se Flights (a) 48 48 Revenue (5320.00) Expenses: 13,650 S15,360 516,909 Hint Hages and salaries ($4,000 $82.) 8,430 ,936 8,10e 1,260 1,184 1,150 2,350 2,474 2,550 336 336350 290 12,836 12,136 12,440 $814 $ 3,224 $ 3,560 Fuel ($23.0g) Airport fees ($658 $38.80q) Aircraft depreciation ($7.00q) Office expenses ($190 $2.00q) 286 460 Total expense PraY 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 ReferencesT Required: 1 Prepare a fleuble budget performance report for July that includes revenue and spending variances and activity variance (Indicate the effect of eech variance by selecting P" for fevorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance). Input all amounts as positive values.)