Submit 4 Check my work Exercise 9-4 Prepare Flexible Budget Performance Report [LO9-4] a 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 Ints Vulcan Flyovers Operating Data. For the Month Endeed July 31 eBook Actual Flexible Planning Budget 57 Hint Resulte Budget 55 Flights (g) 57 Print Revenue ($340.00q) Expenses: Wages and salaries ($3,400 $90.00g) Fuel ($31.00g) Airport fees ($800$35.00g) Aireraft depreciation ($9.00q) office expenses ($220$1.00q) Total expense $16,300 $19,380 $18,700 eferences 8,490 1,935 2,680 513 445 8,530 1,767 2,795 8.350 1,705 2,725 513 495 275 13,550 277 13,882 14,063 2,237 5,498 5,150 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 (l.e.. zero variance). Input all amounts as positive values.) Vulcan Flyovers Checky va The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight ata 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 (l.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Planning Budget Revenue and Spending Variances Flexible Activity Variances Actual Results Budget 57 55 Flights u 18,700 19,380 Revenue 16,300 Expenses: 8,350 F 8,530 8,490 Wages and salaries 1,705 U 1,767 1,935 Fuel 2,725 F 2,795 2,680 Airport fees U 495 o None 513 513 Aircraft depreciation 275 277 445 Office expenses 13,550 U U 13,882 14,063 Total expense 5,150 F U 5,498 S 2,237 Net operating income 57