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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 Actual Results 62 Flights @) Flexible planning Budget Budget 62 56 $ 16, 2e22 018 $ 21, 302 Revenue ($355.689) Expenses: Wages and salaries ($3,502 - $88.889) Fuel ($32.880) Airport fees $828 - $35.889) Aircraft depreciation ($9.884) Office expenses ($220 + $1.889) Total expense Net operating income 558 8,920 $ 788 2,150 1.984 1920 2.86 2990 2920 558 540 250 282 288 14 938 14770 14,428 31 262 $ 7,248 $6,868 The company measures its activity in terms of flights. Customers can buy Individual tickets for overflights or hire an enure plane for an overflight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending varlances and activity variances (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (le, zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Badget Performance Report For the Month Ended July 31 Flexible Budget 62 Acal Results Planning Budget 60 62 Flights $ 16,200 22 0101 5 21,300 8.920 8.956 8.7180 1.820 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2.150 2.860 558 450 14.938 1.262 1.984 2.990 558 282 14.770 2.920 640 280 14.440 $ 7240 8.800 35 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 Results 62 Flights (9) Flexible Planning Budget Budget 62 68 $ 16,200 $ 22,010 $ 21,380 Revenue ($355.889) Expenses: Wages and salaries ($3,560 + $88.284) Fuel ($32.089) Airport fees ($320 + $35.ee) Aircraft depreciation ($9.089) Office expenses (5228 + $1.889) Total expense Net operating income 8,920 8.956 B, 788 2,150 1 984 1,920 2,860 2,990 2,920 558 558 548 450 282 20 14.938 14.770 14,440 $ 1,262 $ 7,248 $ 6,860 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 varlances. (Indicate the effect of each varlance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (1.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Flights 62 Planning Budget 80 62 S 18200 $ 22.010 S 21,300 8,956 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 8.920 2.150 2.880 558 8,780 1.920 2.990 2.920 6.58 450 540 On