Check my work 3 vv. Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 54 54 52 0.16 points Flights (9) $ 16,500 $ 18,630 $ 17,940 eBook Revenue $345.000) Expenses: Wages and salaries ($3,700 + $88.00) Fuel ($30.00) Airport fees ($850 + $32.00) Aircraft depreciation ($10.00q) Office expenses ($200 + $1.009) Total expense Net operating income 8,416 8,452 8,276 1,790 1,620 1,560 2,453 2,578 2,514 540 540 520 422 254 252 13,621 13,444 13, 122 $ 2,879 $ 5,186 $ 4,818 Hint Print 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. References 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 54 Actual Results Planning Budget 52 Flights 54 $ 16,500 $ 18,630 $ 17,940 Revenue Expenses: Wages and salaries Fuel 8,416 8,276 8,452 1,620 1,790 1,560 2,453 2,578 2,514 540 540 520 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 422 254 252 13,621 13,122 13,444 5,186 $ 2,879 $ $ 4,818