Vulcan Flyovers offers scenic overflights of Mount Saint 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 Results Flexible Planning Budget Flights (q) Revenue ($350.00g) 54 Budget 52 54 $ 16,200 $ 18,900 $ 18,200. Expenses: Wages and salaries ($3,1080 + $91.000) 7,972 8,014 7,832 Fuel ($33.00qg) 1,946 1,782 1,716 Airport fees ($850 + $34.00q) 2,576 2,686 2,618 Aircraft depreciation ($10.00q) 540 540 520 office expenses ($210+ $1.000) 432 264 262 Total expense 13,466 13,286 12,948 $ 2,734 $ 5,614 $5,252 Net operating income i plane for an The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire 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 Planning Budget Budget Actual Results 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 31 Actual Results Flexible Budget Planning Budget 54 Flights Revenue $ 16,200 Expenses 7,972 1,946 2,570 540 432 13,466 2,734 Wages and salaries Fuel Airport foes rcraft depreciation Office expenses Total expense Net operating income $ S $ 54 18,900 2014 1,782 2,686 540 264 13.286 5.014 $ $ 52 18.200 7,832 1,716 2018 520 262 12.948 5252