Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($350.009) Expenses: Wages and salaries ($3,600 + $86.009) Fuel ($32.009) Airport fees ($820 + $32.009) Aircraft depreciation ($10.009) Office expenses ($230 + $1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 58 58 56 $ 16,400 $ 20,300 $ 19,600 8,556 8,588 8,416 2,022 1,856 1,792 2,531 2,676 2,612 580 580 560 456 288 286 14,145 13,988 13,666 $ 2,255 $ 6,312 $ 5,934 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount Required: 1. Prepare a flexible budget performance report for July. Note: 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. The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount Required: 1. Prepare a flexible budget performance report for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance). Input all amounts as positive values. Vulcan Flyovers Flights Actual Results 58 $ 16,400 Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 58 56 $ 20,300 $ 19,600 Revenue Expenses: Wages and salaries 8,556 8,588 8,416 Fuel 2,022 1,856 1,792 Airport fees 2,531 2,676 2,612 Aircraft depreciation 580 580 560 Office expenses 456 288 286 Total expenses 14,145 13,988 13,666 Net operating income $ 2,255 $ 6,312 $ 5,934