Check my work Vulcan Flyovers offers scenic overflights of Mount St. Heiens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below. Vulean Flyovers Operating Data For the Month Inded July 31 Metual Flexible Planning Flights (2) Results Budget Budget 55 55 53 Revenue (6355.009) $ 16,3002519,525 510,015 Expenses Wages and salaries (53,500 - 590.000) 8,419 8.450 8.270 Fuel 31.004) 1,705 1.643 Airport fees (3650 $34.000) 2.720 2,652 Aireratu depreciation ($9.000) 495 495 477 office expenses ($250 - 51.00g) 423 JOS 303 Total expense 13,031 13,625 13,345 Net operating income $ 2,469 5 5.0505 5,470 1,073 2.580 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 (.e., zero variance). Input all amounts as positive values.)