Check Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982 concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Flights (9) Results Budget Budget 48 50 Revenue ($320.000) $ 13,650 $ 15,360 $ 16,000 Expenses: Wages and salaries ($4,000 + $82.809) 8,430 7,936 8,100 Fuel ($23.000) 1,260 1,104 1,150 Airport fees ($650 + $38.00) 2,350 2,474 2,550 Aircraft depreciation ($7.00) 336 Office expenses ($190 - $2.069) 460 286 290 Total expense 12,836 12,136 12,440 $ 814 $ 3,224 $ 3,560 Net operating income 48 336 350 The company measures its activity in terms of flights Customers can buy individual tickets for overflights or hire an entire plane The company measures its activity in terms of flights Customers can buy individual tickets for overlights 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 (le, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 48 Actual Results 48 Planning Budget 50 Flights $ 13,650 $ $ 15,360 16,000 7,936 1,104 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,430 1,260 2,350 336 460 2474 336 8,100 1.150 2,550 350 290 12.440 3,560 286 12,136 3,224 12,836 $ $ $ 814