Vu Lan I tyovci Operating Data For the Month Ended July 31 Actual Results 55 Flexible Planning Budget Budget 55 53 Flights (9) $ 16,400 $ 18,975 $ 18,285 7,957 Revenue ($345.009) Expenses: Wages and salaries ($3,100 + $89.009) Fuel ($30.000) Airport fees ($860 + $30.009) Aircraft depreciation ($10.009) Office expenses ($230 + $1.009) Total expense Net operating income 7,995 7,817 1,820 1,650 1,590 2,365 2,510 2,450 550 550 530 453 285 283 13,145 12,990 12,670 $ 3,255 $ 5,985 $ 5,615 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 53 Flights 55 55 Revenue $ 16.400 $ 18,975 $ 18,285 7,957 7,995 7,817 1,820 1,650 1,590 2,365 2,450 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,510 550 550 530 453 13,145 3,255 285 12,990 5,985 283 12,670 5,615 $ $