ulcan Flyovers offers scenic overflights of Mount St. 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 57 Flexible Planning Budget Budget 57 55 Flights (9) $ 16,1ee $ 20,235 $ 19,525 Revenue ($355.689) Expenses: Wages and salaries ($3,600 + $92.089) Fuel ($33.089) Airport fees ($830 + $32.889) Aircraft depreciation ($11.889) Office expenses ($200 + $1.889) Total expense Net operating income 8,8ee 8,844 8,660 2,845 1,881 1,815 2,534 2,654 2,590 627 627 605 425 257 255 14,431 14,263 13,925 $ 1,669 $ 5,972 $ 5,600 e company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an erflight at a discount. equired: Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances, (Indicate e effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 67 67 EE The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). 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 Revenue $ 16,100 $ 20,235 $ 19,525 Expenses: Wages and salaries Fuel 8,800 8,844 8,660 1,881 1.815 2,045 2,534 627 2,654 Airport fees Aircraft depreciation 2,590 627 605 Office expenses 425 257 255 Total expense 14,431 13,925 14,263 5,972 Net operating income $ 1,669 $ $ 5,600