Check 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 57 57 55 Flights (0) $16,300 $ 20,520 S 19,800 Revenue ($360.000) Expenses : Wages and salaries ($3,600 + $91.000) Fuel ($33.00) Airport fees ($800 + $34.006) Aircraft depreciation ($10.000) Office expenses ($230 + $1.000) Total expense Net operating income 8, 745 B, 782 8,605 2,045 1,881 1,815 2,623 2,738 2,670 570 570 550 455 287 285 14, 438 14,263 43, 925 $ 1,362 $ 6,257 $ 5,875 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 57 Actual Results Flights Planning Budget 55 57 Revenue $ 16,300 $ 20,520 S 19,800 8,745 2,045 2,623 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,605 1.815 2.670 570 8,787 1,881 2.738 570 287 14,263 6,257 550 455 285 14,438 1,862 13.925 5.875 A $ $