Check my work Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report (LO9-4) 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: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Flights (2 Results Budget Budget 52 52 50 Revenue ($350.089) $ 16,500 $18,200 $17.500 Expenses: Wages and salaries ($3,400 + $36.009) 7,840 7,872 7,700 Fuel ($30.089) 1,730 1,560 1,500 Airport fees (5840 $34.00) 2,583 2,608 2,540 Aircraft depreciation ($11.989) 572 572 550 office expenses ($200 + $1.009) 420 252 250 Total expense 13,065 12,664 12, 540 Net operating income $ 3,435 $ 5,336 $ 4,960 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... zero variance). Input all amounts as positive values.)