Operating Data For the Month Ended July 31 Actual Results 56 Flexible Planning Budget Budget 56 54 Flights (9) $ 16,100 $ 19,600 $ 18,900 Revenue ($350.009) Expenses: Wages and salaries ($3,400 + $91.009) Fuel ($33.009) Airport fees ($880 + $31.009) Aircraft depreciation ($10.000) Office expenses ($240 + $1.009) Total expense Net operating income 2,012 2,486 8,454 8,496 8,314 1,848 1,782 2,616 2,554 560 560 540 464 296 294 13,976 13,816 13,484 $ 2,124 $ 5,784 $ 5,416 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 Planning Budget 54 Flights 56 56 Revenue $ 16,100 $ 19,600 $ 18,900 Expenses Wages and salaries Fuel 8.454 8,496 8,314 2.012 1,848 1,782 2,486 2.616 560 560 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,554 540 294 464 296 13,976 13,816 13,484 $ 2,124 $ 5,784 $ 5,416