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 Flights (4) Revenue ($360.00q) Expenses: Wages and salaries ($3,400+ $87.009) Fuel ($31.004) Airport fees ($880 +$34.009) Aircraft depreciation ($11.000) office expenses ($230 +$1.00q) Total expense Net operating incone 59 59 57 $ 16,100 $ 21,240 $ 20,520 8,499 8,533 8,359 1,997 1,829 1,767 2,756 2,886 2,818 649 457 14,358 $1,742 649 627 289 14,186 287 13,858 $ 7,054 $ 6,662 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Revenue and Spending Variances Flexible Activity Variances Budget Planning Budget Flights Revenue 59 $ 16,100 59 57 2 $ 21,240 F $ 20,520 Expenses Wages and salaries 8,499 8,533 U 8,359 Fuel 1,997 U 1,829 1,767 Airport fees 2,756 F 2.886 U 2,818 Aircraft depreciation 649 None 649 U 627 Office expenses 457 Total expense 14,358 Net operating income $ 1,742 1 289 N 287 2 14,186 N 13,858 U $ 7,054 $ 6,662