For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 56 56 54 Flights (9) $ 16,300 $ 19, 880 $ 19, 170 Revenue ($355.000) Expenses: Wages and salaries ($3,200 + $87.00) Fuel ($31.009) Airport fees $810 + $31.00q) Aircraft depreciation ($10.000) Office expenses $240 + $1.009) Total expense Net operating income 2,484 8,038 8,072 7,898 1,904 1,736 1,674 2,421 2,546 560 560 540 464 296 294 13,387 13, 210 12,890 $ 2,913 $ 6,670 $ 6,280 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 Actual Results Planning Budget 54 Flights 56 56 Revenue $ 16,300 $ 19,880 $ 19,170 Expenses: Wages and salaries 8,038 8,072 7,898 Fuel 1,904 1,736 1,674 Airport fees 2,421 2,546 2,484 560 560 540 464 296 294 Aircraft depreciation Office expenses Total expense Net operating income 13,210 12,890 13,387 2,913 $ $ 6,670 $ 6,280