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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. Vulcan Flyovers Operating Data For the Month Ended July 31 ActualFlexible Planning Results Budget Budget Flights (9) 53 53 51 $ 16,200 5 18.285 $17.595 Revenue ($345.009) Expenses: Wages and salaries (53,800 $63.009) Fuel ($33.089) Airport fees (5850 - $33.00) Aircraft depreciation ($9.99) Office expenses ($220 + 51.609) Total expense 8,428 3,464 8,288 1,913 1,749 1.683 2,464 2,599 2,533 472 459 441 273 271 13,223 13 562 1234 $ 2,477 54,723 $4,361 477 Net operating income 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 tie, zero variance). Input all amounts as positive values.) 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 fi.e., zero variance). Input all amounts os positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 51 Flights 53 53 Revenue $ 16,200 $ 18.285 $ 17 595 Expenses Wages and salaries Fuel 8.428 8.464 8.288 1.913 1.749 16 2.464 2.599 2533 459 477 477 Airport fees Alecraft depreciation Office expenses Total expense Net operating income 441 273 271 13.723 13.562 13 234 5 2.477 5 4.723 $ 4,361