For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 61 61 59 Revenue ($355.089) $16,400 $21,655 $ 20,945 Expenses: Wages and salaries ($3,300 + $87.000) 8,573 8,607 8,433 Fuel ($33.089) 2,177 2,013 1,947 Airport fees ($880 + $33.00) 2,763 2,893 2,827 Aircraft depreciation ($10.000) 610 610 590 Office expenses $240 + $1.000) 469 301 299 Total expense 14,592 14,424 14,096 Net operating income $ 1,808 $ 7,231 $ 6,849 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 61 Planning Budget 59 Flights $ 16,400 $ 21,655 $ 20,945 Revenue Expenses: Wages and salaries Fuel 8,433 8,607 2,013 1,947 8,573 2,177 2,763 610 2,893 2,827 590 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 610 301 299 469 14,592 1,808 14,096 14,424 7,231 $ $ S 6,849