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Operating Data For the Month Inded July 31 Actual Flexible Planning Results Budget Budget 50 51 Tita 1 516, DD 520,355 519.663 3,215 1, 2,054 Revenue ($345.9691 Expe: Wages and salaries (53,200 + $85.0091 Tel 1932.04) Airport fees $850 530.00) Aircraft depreciation ($8.00) Ottice expenses 15210 + $1.00) Total expen Nut operating con 472 472 13,663 13,464 13,152 $ 2,337 5 6,091 5 6,513 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 (Le., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 59 Actual Results Planning Budget 57 Fights 59 $ 16,000 $ 20.356 $ 19,665 8,045 8,185 2,054 8,215 1,888 1,824 Revenue Expenses Wages and salaries Fuel Airports Aircraft deprecation Once uponses Total expense Net operating income 2,515 2,620 2,560 472 472 458 437 267 259 13.454 6,891 13,653 2,337 13,152 $ $ $ 6,513