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Vulcan Flyovers offers scenic over flights 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 Planning Budget Flexible Budget Actual Results Flights (9) 50 48 48 Revenue ($320.00) $16,000 $15,360 $13,650 Expenses: Wages and salaries ($4,000 $82.009)... 8,100 7,936 8,430 Fuel ($23.000) 1,150 1,104 1,260 Airport fees ($650 $38.00) 2,550 2,474 2,350 Aircraft depreciation ($7.00) 350 336 336 Office expenses ($190 $2.004) 290 286 460 Total expense 12,440 12,136 12,836 Net operating income $3,560 $ 3,224 $ 814 The company measures its activity in terms of flights. Customers can buy individual tickets for over flights or hire an entire plane for an over flight at a discount. Required: 1. Prepare a flexible budget performance report for July 2. Which of the variances should be of concern to management? Explain 3. What is difference between planning budget, flexible budget and actual results