Plights (9) Revenue ($350.00g) Expensesi Vulcan Flyovers Operating Data For the Month Ended July 31 Wages and salaries ($3,200 $90.00g) Fuel ($34.009) Airport fees (5830 +$34.00g) Aircraft depreciation ($9.00g) Actual Results office expenses ($230 +$1.00g) Total expense Net operating income Flexible Planning Budget Budget 62 62 60 $ 16,000 $ 21,700 $21,000 8,740 8,780 8,600 2,270 2,108 2,040 2,833 2,938 2,870 558 558 540 460 14,861 292 290 $ 1,139 14,676 $7,024 14,340 $ 6,660 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. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (Le., zero variance). Input all amounts as positive values. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flights 62 Revenue $ 16,000 Flexible Budget Planning Budget 62 S 21,700 $ 21.000 Expenses Wages and salaries 8,740 Fuel 2,270 Airport fees 2,833 Aircraft depreciation 558 Office expenses 460 8,780 8.600 2,108 2.040 2,938 2870 558 540 292 Total expense 14,861 14,676 290 14,340 Net operating income $ 1,139 $ 7,024 6.660