Check me LUILLY Lonany pill Jury app LIUW. Vulcan Flyovers Operating bata For the Month Ended July 1 Actual Results Flights (9) 48 Revenue (5320.00) $ 13,650 Expenses Wages and salaries ($4,000 + 582.000) 8,430 Fuel ($23.000) 1,260 Airport fees ($650 - $38.009) 2,350 Aircraft depreciation ($7.000) 336 office expenses ($190 - $2.009) 460 Total expense 12,036 Net operating income 5 814 Plexible Budget 48 $ 15,360 Planning Budget 50 5 16,000 7,936 1,104 2,474 336 206 12, 136 53,224 8,100 1,150 2,550 350 290 12,440 $3.560 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 (i.e., zero variance). Input all amounts as positive values.) Actual Results 48 $ 13.650 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 48 $ 15.300 Planning Budget 50 $ 16,000 Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8.430 1,260 2.350 330 460 12,830 814 7,930 1.104 2,474 330 280 8,100 1,150 2.550 350 290 12.440 3.500 12.136 3.224 $ $ $