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Check my work 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 Results 53 Flexible Planning Budget Budget 53 51 Flights (a) $ 16,300 $ 18,815 $ 18,105 Revenue ($355.00g) Expenses: Wages and salaries ($3,600 + $91.000) Fuel ($32.009) Airport fees ($800 + $34.009) Aircraft depreciation ($9.000) Office expenses ($220 + $1.009) Total expense Net operating income 8,381 8,423 8,241 1,862 1,696 1,632 2,462 2,602 2,534 477 477 459 441 273 271 13,623 13,471 13, 137 $ 2,677 $ 5,344 $ 4,968 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 51 Flights 53 53 S 16,300 S 18,815 S 18,105 Revenue Expenses: Wages and salaries Fuel 8,423 8,241 8,381 1,862 2,462 1,632 1,696 2,602 2,534 477 477 459 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 441 13,623 2,677 273 13,471 5,344 271 13,137 4,968 S S S