+ Doll Vulcan Flyover Operating Data For the Month Unded July 31 Actual Flexible Planning Resulta Budget Budget Flights (9) 56 56 54 Revenue ($345.000) $. 16,100 319.320510,610 Expenses | Wages and salaries ($3,500 + $59.000) 8,446 0,404 0,306 Fuel (634.000) 2,066 1,904 1,836 Airport toes (5840 + 530.000) 2,390 2,520 2,460 Airexatt depreciation ($10.000) 560 560 540 Orice expenses ($220 + $1.000) 404 276 274 Total expense (13,906 13.744 15X10 Net operating income 6 2,1946 5,57605,214 int ances 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. (Indiente the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect fi.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers