mework i Saved 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 Actual Flexible Planning Results Budget Budget Flights (a) 18 $ 13,650 $ 15,360 $ 16,000 Revenue ($320.00) Expenses: Wages and salaries (54,000 - $82.809) Fuel ($23.00) Airport fees ($650 - $38.000) Aircraft depreciation ($7.000) Office expenses ($190 - $2.000) Total expense Het operating income 8.430 1,260 2,350 336 7,936 1,104 2,474 8,100 1,150 2,550 336 350 460 12,836 314 286 12,136 3,224 290 12,440 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 (ie, zero variance). Input all amounts os positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Planning Results Budget Flights $ 13,650 15,360 16.000 Revenue Expenses Wages and salanes 7.9301 1104 1.150 Airport foes 8,430 1.2001 2,350 336 4601 12,836 814 2,550 350 Aircraft depreciation Ocexpenses Total expense 12.440 Not operating income s 3580