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. Vulcan Flyovers Operating Data For the Month Ended July 31 S Flights (9) Revenue ($355.00g) Expenses Wages and salaries ($3,100 +$90.00g) Fuel ($32.00g) Airport fees ($800 +$32.00g) Aircraft depreciation ($11.00g) office expenses ($240 +$1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 52 52 50 $ 16,200 $ 18,460 $ 17,750 7,740 7,780 7,600 1,830 1,664 1,600 2,334 2,464 2,400 572 572 550 460 12,936 292 12,772 290 12,440 $ 3,264 $ 5,688 $ 5,310 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.) 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.) Flights Revenue Actual Results 52 $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Budget 52 50 $ 18,460 $ 17,750 Expenses: Wages and salaries 7,740 7,780 7,600 Fuel 1,830 1,664 1,600 Airport fees 2,334 2,464 2,400 Aircraft depreciation 572 572 550 Office expenses 460 292 290 Total expense 12,936 12,772 12,440 Net operating income $ 3,264 $ 5,688 $ 5,310