Check my work 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 Results Budget Budget 55 55 53 Flights (9) $ 16,400 $ 19,250 $ 18,550 Revenue ($350.000) Expenses : Wages and salaries ($3,400 + $89.00) Fuel ($31.009) Airport fees ($860 + $30.009) Aircraft depreciation ($9.009) Office expenses ($210 + $1.00g) Total expense Net operating income 8,257 8,295 8,117 1,873 1,705 1,643 2, 365 2,510 2,450 495 495 477 433 265 263 13,423 13,270 12,950 $ 2,977 $ 5,980 $ 5,600 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 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 Flexible Budget Performance Report For the Month Ended July 31 Flexible Actual Results Budget Planning Budget 53 Flights 55 55 Revenue $ 16,400 $ 19,250 $ 18,550 Expenses: Wages and salaries Fuel 8,257 8,295 8,117 1,873 1,705 1,643 Airport fees 2,365 2,510 2,450 Aircraft depreciation 495 495 477 263 Office expenses 433 265 Total expense 13,423 13,270 12,950 Net operating income $ 2,977 $ 5,980 $ 5,600