for the month thaed juny Flights (9) Actual Results 56 Flexible Planning Budget Budget 56 54 5 16,500 $ 19,320 $ 18,630 Revenue ($345.000) Expenses: Wages and salaries ($3,400 + $91.009) Fuel ($33.009) Airport fees (5840 + $31.009) Aircraft depreciation ($9.00) Office expenses (5230 + $1.009) Total expense Net operating income 8,454 8,496 8,314 2,012 1,848 1,782 2,461 2,576 2,514 5e4 504 456 454 286 284 13,885 13, 710 13, 380 $ 2,615 5 5,610 5 5,258 The company measures its activity in terms of flights Customers can buy individual tickets for overlights 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 56 56 Flights $ 18,630 5 $ 19 320 16,500 Revenue Expenses Wages and salaries Fuel 8.454 2,012 2,461 8.496 1.848 2.576 504 8.314 1,782 2514 504 286 Airport foes Aircraft depreciation Office expenses Total expense 486 284 13.380 5250 454 13 885 13710 5.610 5 $ IR