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.) Answer is complete but not entirely correct. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Revenue and Flexible Results Spending Variances Activity Variances Budget Planning Budget Flights 60 60 58 Revenue $ 16,200 $ 4,500 F 20,700 $ (690) U 20,010 Expenses Wages and salaries 8,886 34 F Fuel 2,028 (166) U Airport feas 2,555 125 F Aircraft depreciation 600 None O Office expenses 428 (168) U Total expense 14,497 (177) OU Net operating income 1,703 4,677 F 0000000 8.920 (174) U 1,650 (62) U 2,680 (60) U 600 (20) U 260 (2) U 14,320 (318) U 6,380 (372) U 0000000 8,746 1,798 2,620 580 258 14,002 6,008