Check my world 2 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: 3.25 points Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Planning Budget Budget 57 55 Flights (9) 57 eBook $ 16,000 $ 19,950 $ 19,250 GOA Hint Revenue ($350.009) Expenses: Wages and salaries ($3,200 + $90.009) Fuel ($33.009) Airport fees ($840 + $33.009) Aircraft depreciation ($8.009) Office expenses ($230 + $1.009) Total expense 8,290 2,045 2,621 456 8,330 8,150 1,881 1,815 2,721 2,655 456 440 287 285 13,675 13,345 $ 6,275 $ 5,905 455 13,867 Print $ 2,133 Net operating income References 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 Budget Actual Results Planning Budget Flights 57 57 55 Revenue $ 16,000 $ 19,950 $ 19.250 Expenses Wages and salaries 8,290 8.330 8,150 Fuel 2.045 1.881 1,815 Airport fees 2,621 2,721 2.655 Aircraft depreciation 456 456 440 Office expenses 455 287 285 13,867 13,675 13,345 Total expense Net operating income $ 2,133 $ 6,275 $ 5.905