in Alaska on its tour boat the Blue Glacier. Management has identified two cost company Alyeski Tours operates day tours of coastal glaciers drivers-the number of cruises and the number of passengers-that it uses in its budgeting and performance reports. The publishes a schedule of day cruises that it may supplement with be accommodated on the tour boat. Data concerning the company's cost formulas appear below special sailings if there is sufficient demand. Up to 80 passengers can r Passenger $ 2.00 Vessel operating costs Advertising Administrative costs Insurance $ 5,200 s 1,780 $ 4,38e s 2,900 $ 480.e 5 24.e0 $ 1.00 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. Flexible Budget For the Month Ended July 3 1 Revenue Expenses Vessel operating costs Administrative costs Net operating income