\fVulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (q) 48 48 50 Revenue ($326.66q) $ 13,650 $ 15,360 $ 16,666 Expenses: Wages and salaries ($4,000 + $82.00q) 8,430 7,936 8,100 Fuel ($23.00q) 1,266 1,164 1,150 Airport fees ($650 + $38.00q) 2,350 2,474 2,550 Aircraft depreciation ($7.00q) 336 336 350 Office expenses ($190 + $2.00q) 460 286 290 Total expense 12,836 12,136 12,440 Net operating income $ 814 $ 3,224 $ 3,560 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.) Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier. Management has identified two cost driversthe number of cruises and the number of passengersthat it uses in its budgeting and performance reports. The company publishes a schedule of day cruises that it may supplement with special sailings ifthere is sufficient demand. Up to 80 passengers can be accommodated on the tour boat. Data concerning the company's cost formulas appear below: Fixed Cost Cost per Cost per per Month Cruise Passenger Vessel operating costs $ 5,209 $ 480.00 $ 2.00 Advertising $ 1,700 Administrative costs $ 4,399 $ 24.89 $ 1.08 Insurance $ 2,900 For example, vessel operating costs should be $5,200 per month plus $480 per cruise plus $2 per passenger. The company's sales should average $25 per passenger. In July, the company provided 24 cruises for a total of 1,400 passengers. Required: Prepare the company's flexible budget for July. Insurance Total expense Net operating income