Flexible Budget 61 $ 21,045 Planning Budget 59 $ 20,355 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 61 Revenue ($345.00) $ 16,300 Expenses: Wages and salaries ($3,588 + $86.689) 8,714 Fuel ($33.889) 2,177 Airport fees ($840 + $33.999) 2,728 Aircraft depreciation ($11.889) 671 Office expenses ($248 + $1.809) 469 Total expense 14,759 Net operating income $ 1,541 8,574 1,947 2,787 649 8,746 2,013 2,853 671 301 14,584 $ 6,461 299 14, 256 $ 6,999 The company measures its activity in terms of flights. Customers can buy Individual tickets for overflights or hire an entire plane for overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indie the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Inp all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Variances Budget Actual Results Activity Variances Planning Budget 59 Flights 81 61 Revenue S 16.300 TU S 21,045 s 20,355 Expenses: Wages and salaries Fuel 8.714 F 8.746 U 8,574 2,177 2,013 1,947 Airport fees 2.728 F 2,853 2,787 849 Aircraft depreciation 871 None 671 TCCCCC Office expenses 489 U 301 299 Total expense 14,759 U 14,256 14,584 6,461 Net operating income S 1.541 U S s 6,099