Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Flexible Budget 60 $ 20,400 Planning Budget 58 $ 19,720 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 60 Revenue ($340.00) $ 16,200 Expenses : Wages and salaries ($3,800 + $91.000) 9,218 Fuel ($33.009) 2,144 Airport fees ($810 + $30.00) 2,480 Aircraft depreciation ($8.009) 480 office expenses ($230 + $1.009) 458 Total expense 14,780 Net operating income $ 1,420 9,260 1,980 2,610 480 290 14,620 $ 5,780 9,078 1,914 2,550 464 288 14,294 $ 5,426 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.) 5 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 60 $ 20,400 Actual Results Planning Budget 58 $ 19.720 Flights Revenue 60 16,200 $ 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 58 $ 19.720 60 60 $ 16,200 $ 20,400 9,218 9,078 1.914 2,144 Flights Revenue Expenses: Wages and salarios Fuel Airport foes Aircraft depreciation Office expenses Total expense Net operating Income 9,260 1,980 2,610 2,480 2,550 480 464 458 288 480 290 14,620 5,780 14.780 1,420 14,294 5,426 $ $ $