Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 6161 59 Flights (9) $ 16,100 $ 21,045 $ 20,355 Revenue ($345.00) Expenses: Wages and salaries ($3,500 + $87.009) Fuel ($31.000) Airport fees ($880 + $31.009) Aircraft depreciation ($10.000) Office expenses ($240 + $1.009) Total expense Net operating income 8,773 8,807 8,633 2,059 1,891 1,829 2,626 2,771 2,709 610 610 590 469301299 14,537 14,380 14,060 $ 1,563 $ 6,665 $ 6,295 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 Results 61 Planning Budget Flights 16,100 21,045 20,355 Revenue Expenses: Wages and salaries Fuel 8,633 1,829 2,709 8,773 2,059 2,626 610 469 14,537 1,563 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,807 1,891 2,771 610 301 14,380 6,665 590 299 14,060 6,295 $ $