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 Plyovera Operating Data For the Month Ended July 31 Plights (q) Revenue ($345.000) Expenses: Wages and salaries ($3,700 +588.000) Fuel ($34.00g) Aircraft depreciation (59.00g) Airport fees ($870 $33.00g) office expenses ($210 +$1.00g) Total expense Net operating income Actual Results 61 Flexible. Budget Planning Budget 61 59 $ 16,200 $ 21,045 $ 20,355 9,032 9,068 8,892 2,236 2,074 2,006 2,768 2,883 2,817 549 549 531 439 271 269 15,024 14,845 $ 1,176 $ 6,200 14,515 $ 5,840 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 set operating income jav 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 Flights Revenue Actual Results 61 $ 16,200 Flexible Budget Planning Budget 61 59 $ 21,045 $ 20,355 Expenses: Wages and salaries 9,032 9,068 8,892 Fuel 2,236 2,074 2,006 Airport fees 2,768 2,883 2,817 Aircraft depreciation 5491 549 531 Office expenses 439 271 2691 Total expense 15,024 14,845 14,515 Net operating income $ 1,176 $ 6,200 $ 5,840