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 55 $19,525 Planning Budget 53 $ 18,815 Voican Flyovers Operating Data For the Month Ended July 1 Actual Results Flights () 55 Revenue (5355.000) $ 16,000 Expenses: Wages and salaries (55,500 587.000) 8,051 Fuel ($33.000) 1,979 Airport fees (5830 - $33.000) 2,540 Aircraft depreciation ($18.00) 55e Office expenses (5210 + $1.689) 433 Total expense 13,553 Net operating income $ 2,447 3,085 1,815 2,645 550 265 13,360 $ 6,165 7.911 1,749 2,579 530 263 13,032 $ 5,783 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 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 (ie, zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flexible Budget 55 s 19,525 Planning Budget 53 $ 18,815 55 16,000 $ Flights Revenue Expenses Wages and salarios Fuel Airport foes Aircraft depreciation Office expenses 8,051 1,979 8,085 1,815 2,645 550 265 7,911 1.749 2,579 2.540 550 433 530 283 Achaal Results For the Month Ended July 31 Flexible Budget 55 $ 19,525 55 16,000 Planning Budget 53 $ 18,815 3 8.051 Flights Revenge Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,085 1.815 2,645 550 265 13,360 6,165 7.911 1,749 2.579 530 1,979 2540 550 433 13,553 2.447 263 13,032 5,783 $ $ $