Results Budget Budget Flights (9) 53 53 51 Revenue ($355.009) $ 16,200 $ 18,815 $ 18,105 Expenses: Wages and salaries ($3,700 + $99.689) 8,430 8,470 8,290 Fuel ($34.089) 1,964 1,892 1,734 Airport fees (5870 + $34.009) 2,537 2,672 2,684 Aircraft depreciation ($9.ee) 477 477 -459 Office expenses ($230 + $1.889) 451 283 281 Total expense 13,859 13,704 13,368 Net operating income $ 2,341 $ 5,111 $ 4,737 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 51 $ 18,105 53 16.200 53 18,815 $ $ 8.430 1.964 Flights Revenue Expenses Wages and salaries Fuel Airport foes Aircraft depreciation Office expenses Total expense Not operating incomo 8.470 1.802 2,872 2.537 477 451 8.290 1.734 2.604 459 281 13,368 477 283 13,704 13,850 $ 2,341 $ 5,111 S 4.737