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:

Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances.

Note: 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.