Ex 9-4 6 Vulcan Flyovers offers scenic overflights of Mount St. Helons, the volcano in Washington State that explosvely erupted in 1982 Data concerning the company's operations in July appear below 10 Vulcan Flyovers Opezating Data For the Honth Ended Jaly 31 Actual rlexible Planning Reaults Badget Budget Reveaue 1350.0g) Nages and salarles (3,500 $92-00g) Fuel (534-00) Airport fees ($81032.00g) Aireraft depreelation (10.00g) Office expenses ($240$1.00g) ,240 .284 ,100 ,930 ,768,700 2,334 .474 2.410 20 Total expense Set operating inoone The company measures its activity in terms of fights Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount 1 Prepare a fiexible 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 nput all amounts as positive values Flexible Budget Performance Report Fer the Month Ended July 31 Flghis 02 52 18,200 7 800 8.240 8,100 1,700 2,410 Weges and salaries 1,768 Airport fee Aircraft depreciaton Office expenses .334 2474 200 3,000 3 500 Total expense 13.484 3,338 Net operalting income $ 2816