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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 Flexible Planning Results Budget Budget 57 57 55 Flights (q) $ 16,200 $ 19,665 $ 18,975 Revenue ($345.009) Expenses: Wages and salaries ($3,600 + $91.009) Fuel ($31.009) Airport fees ($870 + $33.009) Aircraft depreciation ($11.00q) Office expenses ($210 + $1.009) Total expense 8,745 8,787 8,605 1,935 1,767 1,705 2,616 2,751 2,685 627 627 605 435 267 265 14,358 14, 199 13,865 $ 1,842 $ 5,466 $ 5,110 Net operating income 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.) 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 Actual Results Flexible Budget Planning Budget Flights 57 57 55 Revenue $ 16,200 $ 3,465 U $ 19,665 F $ 18,975 Expenses: Wages and salaries 8,745 42 F 8,787 182U 8,605 Fuel 1,935 U 1,767 : U 1,705 Airport fees 2,616 F 2,751 U 2,685 Aircraft depreciation 627 None 627 U 605 Office expenses 435 U 267 U 265 Total expense 14,358 14,199 U 13,865 Net operating income $ 1,842 U $ 5,466 F $ 5,110