Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the companys operations in July appear below:

Vulcan Flyovers

Operating Data

For the Month Ended July

Actual Results Flexible Budget Planning Budget

Flights q

Revenue $q $ $ $

Expenses:

Wages and salaries $ $q

Fuel $q

Airport fees $ $q

Aircraft depreciation $q

Office expenses $ $q

Total expenses

Net operating income $ $ $

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:

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.