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 Actual Results Flexible Budget Planning Budget es Flights (q) Revenue ($350.00g) Expenses Wages and salaries (53,800 +$91.00g) Fuel ($30.00g) Airport fees ($860 +$32.00g) Aircraft depreciation ($9.00g) office expenses ($220 +$1.00g) Total expense Net operating income 54 54 52 $ 16,400 $ 18,900 $ 18,200 8.672 8,714 8,532 1,790 1,620 1,560 2,478 2,588 2,524 486 486 460 442 274 13,868 13,682 272 13,356 $ 2,532 $ 5,218 $ 4,844 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 54 $ 16,400 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget: 54 52 $ 18.900 $ 18,200 Expenses: Wages and salaries 8,672 8,714 8,532 Fuel 1,790 1,620 1,560 Airport fees 2,478 2,588 2,524 Aircraft depreciation 486 486 468 Office expenses 442 274 272 Total expense 13,868 13,682 13,356 Net operating income $ 2,532 $ 5,218 $ 4,844