lican 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. Vulcan Flyovers Operating Data Tor the Month Ended Joly 31 Actual Plexible Planning Matsudget det Flights (9) 53 53 51 Revenue ($160.000) $16,200 $ 19.080 $18,360 Expenses: Wages and salaries (53,800 + $90.0091 8.530 8,570 Tel 530.00) 1,760 1,590 1,530 Airport fees (5830 - $31.009) 2,333 2.473 2,411 Alreraft depreciation ($10.000 530 530 510 ottice expenses (5210 - $1.004) 26) 251 Total expense 13,426 12, 102 Met operating Income $ 2,611 5 5,654 5 5,258 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 up for favorable. "U" for unfavorable, and "None" for no effect ( zero variance). Input all amounts as positive values.) Vulcan Flyover Flexible Budget Performance Report For the Moon Ended 31 Ache Pigs 33 53 51 5 16.200 $ 10.000 $ TEMO Revenge Expo Wages and sal 8570 8.530 1.700 2990 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 53 Actual Results Planning Budget 51 Flights 53 $ 16,200 $ 19,080 $ 18,360 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net Operating income 8,530 1,760 2,338 530 431 13,589 2,611 8,570 1,590 2.473 530 263 8,390 1.530 2,411 510 261 13,102 5,258 $ 13.426 5,654 $ $