The performance (in thousands of dollars) of Kranston Airlines for the most recent year is shown in the following table: (Click the icon to view the performance data.) The static budget had been based on a budget of $0.35 revenue per passenger mile. A passenger mile is one paying passenger flown one mile. An average airfare decrease of 7% had helped generate an increase in passenger miles flown that was 10% in excess of the static budget for the year. The price per gallon of jet fuel rose above the price used to formulate the static budget. The average jet fuel price increase for the year was 10%. Requirements 1. Prepare a summary report to help the president understand performance for the most recent year. 2. Assume that jet fuel costs are purely variable, and the quantity of fuel used was at the same level of efficiency as predicted in the static budget. What part of the flexible-budget variance for variable Requirement 1. Prepare a summary report to help the president understand performance for the most recent year. (Enter all amounts as positive numbers, and enter amounts in thousands. Round all answers to the nearest whole number. For variances with a zero balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Actual Results at Actual Prices Flexible- Budget Sales- Flexible Variances Budget Activity Variances Static Budget Passenger (Amounts in thousands) miles Sales Variable costs