omework Save Help Save & E Check in 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 Planning Results Budget Budget Flights (9) 58 58 56 Revenue ($350.009) $16,300 $20, 300 $ 19,600 Expenses: Wages and salaries ($3,600 + $89.00) 8,724 8,762 8,584 Fuel ($31.009) 1, 966 1,798 1,736 Airport fees (5820 - $34.909) 2,672 2,792 2,724 Aircraft depreciation ($9.009) 522 522 office expenses (5240 - $1.000) 466 298 296 Total expense 14,350 14,172 13,844 $ 1,950 $ 6,128 $5,756 Net operating income 504 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hite 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 11