Flexible Budget 55 $ 18,700 Planning Budget 53 $ 18,020 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 55 Revenue (5348.269) $ 16,400 Expenses: Wages and salaries ($3,600 + $87.000) 8,351 Fuel ($33.08) 1,979 Airport fees ($880 + $31.00) 2,468 Aircraft depreciation (59.689) 495 office expenses (5210 + $1.009) 433 Total expense 13,718 Net operating income $ 2,682 8,385 1,815 2,585 495 265 13,545 $ 5,155 8,211 1,749 2,523 477 263 13,223 $ 4,797 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 vakances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i... zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 55 $ 18,700 Actual Results 55 Planning Budget 53 $ 18,020 $ 16.400 8,385 8,351 1,979 8.211 1,815 Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,585 1.749 2,523 477 263 2.460 495 433 13,718 2,682 495 265 13,545 5.155 $ $ 13.223 4,797 $