Check my 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: Valean Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Badget Flights (9) 60 60 58 $ 16,400 $ 21,000 $20,300 Revenue ($350.000) Expenses Hages and salaries ($3,200 + $90.000) Fuel ($33.000) Airport fees ($880 + $31.004) Airoraft depreciation ($10.000) Office expenses ($210 $1.009) Total expense Net operating Income 8,560 8,600 8, 420 2,144 1,980 1,914 2,625 2,740 2,678 600 600 580 438 270 268 14,367 14, 190 13,860 $ 2,033 $ 6,810 9 6,440 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 (l.e., zero variance). Input all amounts as positive values.) Vutcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flavi Pinn At operating 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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) Vulcan Flyover Flexible Budgot Performance Report For the Month Ended July 31 Flexible Budget 60 Actual Results Planning Budget 58 Flights 60 Revenue $ 16,400 S 21,0001 $ 20,300 8,560 2,144 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8,420 1,914 2,678 2,625 600 438 8,600 1,980 2,740 600 270 14,190 6,810 580 Total expense 14,367 2,033 268 13,860 6,440 Net operating income $ S $