Check my work 12 2 points 04:13:06 eBook 101 Hint Print Flights (g) Revenue ($355.00g) Expenses: Operating Data For the Month Ended July 31 Actual Results Wages and salaries ($3,100 + $92.00g) Fuel ($33.00g) Airport fees ($860 + $33.00g) Aircraft depreciation ($10.00g) Office expenses ($220 + $1.00g) Total expense Net operating income Flexible Budget Planning Budget 60 60 58 $ 16,100 $ 21,300 $ 20,590 8,576 8,620 8,436 2,144 1,980 1,914 2,695 2,840 2,774 600 600 580 448 280 14,463 14,320 13,982 $ 1,637 $ 6,980 $ 6,608 278 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.) Vulcan Flyovers References Flights Revenue Actual Results 60 $ 16,100 Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 60 58 $ 21,300 $ 20,590 Expenses: Wages and salaries 8,576 8,620 8,436 Fuel 2,144 1,980 1,914 Airport fees 2,695 2,840 2,774 Aircraft depreciation 600 600 580 Office expenses 448 280 278 Total expense 14,463 14,320 13,982 Net operating income $ 1,637 $ 6,980 $ 6,608