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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Volcan Tlyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 58 58 56 Flights (9) $ 16,200 $20,590 519,880 Revenue ($ 355.000) Expenses Wages and salaries ($3,700 + $89.000) Fuel ($33.000) Airport fees (5890 $34.000) Aircraft depreciation ($10.000) office expenses ($230 - $1.004) Total expense Net operating income 8,824 8,862 8,604 2,078 1,914 1,848 2,737 2,862 2,794 580 580 560 456 288 286 14,675 14.506 14.172 $ 1,525 $ 6,014 5 5,708 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 (ie, zero variance). Input all amounts as positive values.) 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 58 Actual Results Planning Budget 56 Flights 58 $ 16,200 $ 20,590 $ 19,880 8,824 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,078 2,737 580 456 14,675 1,525 8,862 1,914 2,862 580 288 14.506 6,084 8,684 1,848 2,794 560 286 14.172 5,708 $ $ $