Operating Data For the Month Ended July 31 Actual Results 58 Flexible Planning Budget Budget 58 56 Flights (9) $ 16,100 $ 20,880 $ 20,160 Revenue ($360.00) Expenses: Wages and salaries ($3,800 + $87.009) Fuel ($33.009) Airport fees ($880 + $30.009) Aircraft depreciation ($11.009) Office expenses ($230 + $1.009) Total expense Net operating income 8,812 8,846 2,078 1,914 2,485 2,620 638 638 456 288 14,469 $ 1,631 $ 6,574 $ 8,672 1,848 2,560 616 286 13,982 6,178 14,306 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 (.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 56 Flights 58 58 $ 16,100 20,880 $ 20,160 Revenue Expenses: Wages and salaries Fuel 8.812 8,846 8,672 2,078 1,914 1.848 2,485 2,620 2,560 638 638 616 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 456 288 286 14.469 14,306 13,982 $ 1.631 6,574 $ 6,178