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 Plexible Planning Results Budget Budget 54 52 Flights (9) 54 $ 16,500 $ 19,440 $ 18,720 Revenue ($360.009) Expenses: Wages and salaries ($3,500 + $91.004) Puel ($33.000) Airport fees (5870 + $30.00) Aircraft depreciation ($9.009) Office expenses ($240 + $1.009) Total expense Net operating income 8,372 8,414 8,232 1,946 1,782 1,716 2,365 2,490 2,430 486 468 462 294 292 13,631 13,466 13,138 2,869 $ 5,974 $ 5,582 486 $ 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 budoet performance report for July that includes revenue and spending variances and activity reyuieu. 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 Actual Results Planning Budget Flights erences Revenue 16,500 $ 19,4401 18,720 Expenses: Wages and salaries 8.4141 8,232 Fuel 1.710 8,372 1,9461 2.365 486 Airport fees 1,7821 2.490 486 2.430 Aircraft depreciation 468 O.co Oponses 462 294 292 Total expense Net operating income 13,631 2,060 13.400 5,974 $ 13,138 5,582