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 Flexible Budget 59 Actual Results Flights 59 Planning Budget 57 $ 16,300 S 21,240 S 20,520 8.933 8,899 2,168 8,759 2,006 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,642 1,938 2,691 570 2,757 590 269 14,555 6,685 590 437 14,736 1,564 267 $ S s 14,225 6,295 $