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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 Manning Renuta Budget Budget Flights (9) 54 54 52 Revenue ($345.009) $16,000318.630517940 Expenses Wages and salaries ($3,300 $80.000) 0.016 8,052 2,076 Fuel ($33.000) 1,946 1.782 1.716 Airport fees (5830 + $31.004) 2,369 2,504 2,442 432 Aircraft depreciation (50.00%) 432 616 432 262 office expenses (5210 + $1.009) Total expense 13195 1034 12712 $ 2,05 5,596 $ 5,228 Net operating income 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 (ie, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report Check my work 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 varlunce). Input all amounts as positive values.) Vulcan Flyover Flexible Budget Parformance Report For the Month Ended July 1 Revenue and Spending Flexible Variances Budget 54 Actual Results Activity Variances Planning Budget 52 Flights 54 $ 16,000 $ 18,630 5 17.540 8,052 1,782 2,504 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,016 1,946 2,369 432 432 13,195 2,805 432 7,870 1.710 2,442 416 262 12.712 5.228 254 13.034 5.596 $ $ $