For the Month Ended July 31 Flights (9) Revenue ($355.00g) Expenses: Wages and salaries ($3,600 + $87.00g) Fuel ($32.00g) Airport fees ($860 +$35.00g) Aircraft depreciation ($11.00g) office expenses ($240 +$1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 60 60 58 $ 16,300 $ 21,300 $ 20,590 8,786 8,820 8,646 2,086 1,920 1,856 2,840 2,960 2,890 660 660 638 468 14,840 300 298 14,660 14,328 $ 1,460 $ 6,640 $ 6,262 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 Flights Revenue Actual Results 60 $ 16,300 Flexible Budget 60 S 21,300 Planning Budget 58 $ 20,590 Expenses: Wages and salaries 8,786 8,820 8,646 Fuel 2,086 1.920 1,856 Airport fees 2,840 2,960 2,890 Aircraft depreciation 660 660 638 Office expenses 468 300 298 Total expense 14,840 14,660 14,328 Net operating income $ 1,460 $ 6,640 $ 6,262