Vuican Flyovers offers scenic ovetflights 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 Flexible Planning Results Budget Budget 54 54 52 Flights (@ 315,300 $ 19,0 $10,728 Revenue ($360.000) Expenses Mapes and salaries (53,500 $91.009) Fuel (533.000) Airport fees (5856.531.000) Aircraft depreciation (58.009) Office expenses (5200 - $1.000) Total expense Net operating inco 3,772 8,414 222 1,546 1,782 1,716 2,374 2,524 2,462 432 432 436 422 254 252 13,546 1,485 13,978 $ 2,754 5 6,034 5 5,642 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 (l.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 Badet 52 Flights 54 54 5 16.300 5 19 440 5 18.720 Revenue Expenses Wages and salaries Fuel Airport fees Arca depreciation Office expenses Total expense Net operating income 8.232 1.716 2462 8,372 1945 2.374 432 422 10.540 2.756 8,414 1.782 2524 432 254 13.406 6,034 416 252 13,078 5642 $ $ 5