Seved Help Save & Exit 7 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 Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 56 56 54 Flights (9) obook $ 16,300 $ 19,040 $18.360 Print Herences Revenue ($340.000) Expenses Wages and salaries ($3,200 + $91.000) Fuel ($30.000) Airport fees ($850 + $33.000) Aircraft depreciation ($8.009) office expenses ($220 - $1.009) Total expense Net operating income 8,254 8,296 8,114 1,850 1,680 1,620 2,588 2,698 2,632 448 448 432 276 274 13,584 13,398 13,072 $ 2,716 $5,642 5,288 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 (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 7 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 (le, zero variance). Input all amounts as positive values.) nts Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results eBook Flights Planning Budget 54 56 56 Print ferences $ 16,300 $ 19,040 $ 18,360 8.254 1,850 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8.296 1,680 2,698 2,588 448 448 8,114 1,620 2,632 432 274 13,072 5,288 444 13,584 2,716 276 13,398 5,642 $ $ $