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 57 57 55 Flights (g) $ 16,400 $20,235 $19,525 Revenue ($355.009) Expenses: Wages and salaries ($3,800 + $90.00) Fuel ($30.000) Airport fees ($830 + $34.00) Aircraft depreciation ($10.009) office expenses ($220 + $1.009) Total expense Net operating income 8,890 8,930 8,750 1,880 1,710 1,650 2,633 2,76B 2,700 570 570 550 445 277 275 14,418 14,255 13, 925 $ 1,982 $ 5,980 $ 5,600 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 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 Endod July 31 Flexible Budget Actual Results Planning Budget 55 Flights 57 57 an DE inne Total expense Net operating income 14,418 14,255 13, 925 $ 1,982 $ 5,980 $ 5,600 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 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 55 Flights 57 57 $ 16,400 $ 20.235 $ 19,625 Revenue Expenses; Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expenso Net operating incomo 8,890 1,880 2,633 570 8.930 1.710 2.768 570 8,750 1,650 2,700 550 275 13.925 5,600 445 277 14,255 14416 1.982 $ 5,980 $