ulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data oncerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 58 Revenue ($350.000) $ 16,100 Expenses: Wages and salaries ($3,400 . $91.889) 8,636 Fuel ($31.999) 1,966 Airport fees (5880 $31.009) 2,553 Aircraft depreciation ($9.609) 522 office expenses ($220 + $1.889) 446 Total expense 14,123 Net operating income $ 1,977 Flexible Budget 58 320, 300 planning Budget 55 $ 19,600 8,678 1,798 2,678 522 278 13,954 8,496 1,736 2,616 504 2/6 13,628 $ 5,972 $ 6,346 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). InRY all amounts os positive volues.) Check 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 58 16,100 58 Planning Budget 56 $ 19,600 $ S 20. 300 8 636 8 678 Flights Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,966 8,496 2 553 1798 2,678 522 522 146 1,736 2,616 504 278 13,628 5,972 278 13,954 14 123 $ 1,977 $ 6,316 $