For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 61 61 59 Flights (q) $ 16,500 $ 21,350 $ 20,650 Revenue ($350.000) Expenses: Wages and salaries ($3,400 + $89.00) Fuel ($32.00) Airport fees ($800 + $31.009) Aircraft depreciation ($10.000) Office expenses ($220 + $1.00) Total expense Net operating income 8,791 8,829 8,651 2,118 1,952 1,888 2,591 2,691 2,629 610 610 590 449 281 279 14,559 14,363 14,037 $ 1,941 $ 6,987 $ 6,613 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 61 Actual Results Planning Budget 59 Flights 61 Revenue $ 16,500 $ 21,350 $ 20,650 Expenses: 8,829 8,651 Wages and salaries Fuel 8,791 2,118 1,952 1,888 Airport fees 2,591 2,691 2,629 Aircraft depreciation 610 610 590 449 281 279 Office expenses Total expense Net operating income 14,559 14,363 14,037 $ 1,941 $ 6,987 $ 6,613