Operating Data For the Month Ended July 31 Actual Results 57 Flexible Planning Budget Budget 57 55 Flights (a) $ 16,200 $ 19,665 $ 18,975 Revenue ($345.009) Expenses: Wages and salaries ($3,000 + $89.009) Fuel ($34.00) Airport fees ($860 + $32.009) Aircraft depreciation ($9.009) Office expenses ($220 + $1.009) Total expense Net operating income 8,035 8,073 7,895 2,100 1,938 1,870 2,539 2,684 2,620 513 513 495 445 277 275 13,632 13,485 13,155 $ 2,568 $ 6,180 $ 5,820 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 Flexible Budget Actual Results Planning Budget 55 Flights 57 57 Revenue S 16.200 S 19,665 s 18,975 7,895 Expenses: Wages and salaries Fuel Airport fees 8,035 2,100 8,073 1,938 1,870 2,539 2,684 2,620 513 513 495 445 277 Aircraft depreciation Office expenses Total expense Net operating income 13,632 13,485 6,180 275 13,155 5,820 S 2,568 S S