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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 Flyover Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 55 55 53 Plights to $16,400 $19,250 $ 18,550 Revenue ($350.000) Expenses: Wages and salaries ($3,200 + $92.009) Fuel ($32.000) Airport toes (5810 - $31.004) Aircraft depreciation ($11.0091 office expenses ($240 + $1.009) Total expense Net operating income 8,216 8,260 8,076 1.926 1,760 1,696 2, 415 2,515 2,453 605 605 583 463 295 293 13,625 13,435 13,101 $ 2,775 $5,815 $5.449 The company measures its activity in terms of flights. Customers can buy individual tickets for overlights or hire an entire plone 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 (l.e., zero variance). Input all amounts as positive values.) plane for an 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 Revenue and Spending Flexible Variances Budget Actual Results Activity Variances Flights 55 Planning Budget 53 55 $ 16.400 $ 19,250 $ 18,550 Revenue Expenses Wages and salaries Fuel Airport foes Arcraft depreciation Office expenses Total expense Net operating income 8,260 1,760 2,515 8,216 1.926 2,415 805 463 13,625 2.775 605 295 13,435 5,815 8,076 1,696 2,453 583 293 13,101 5,449 $ $ $