Vulcan Flyovers offers scenic overflghts of Mount Saint 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 Plexible Planning Flights (9) Results Budget Budget 59 59 57 Revenue ($350.000) $ 16,000 $ 20,650 $ 19,950 Expenses: Mages and salaries ($3,600 + $87.000) 6,699 8,733 8,559 Fuel ($33.000) 2,111 1,947 1,001 Airport fees ($850 $34.006) 2,711 2,856 2,700 Aircraft depreciation ($9.009) 531 531 513 office expenses ($230 + $1.000) 457 289 Total expense 14,509 14,356 14,028 Net operating income $ 1,491 $ 6,294 $ 5,922 The company measures its activity in terms of flights. Customers qan 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. (Indica the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) 287 Vulcan Flyover Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 59 $ 20.650 Ach Results Planning Budget 57 $ 19.950 59 Flights Revenue 16.000 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 (.e., zero variancej. Input all amounts as positive values.) Vulcan Flyovers exible Budget Performance Report For the Month Endod July 31 Flexible Budget 59 20,650 Actual Results 59 16,000 Planning Budget 57 19,950 Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,699 2,111 2,711 531 8,550 1,881 2,788 8,733 +947 2,856 531 289 14,356 6,294 513 457 14,509 1,491 287 14,028 5,922