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 Flights (4) Revenue ($360.000) Expenses: Wages and salaries (53,600 $87.000) Fuel ($30.009) Airport fees ($890 Aircraft depreciation ($9.000) $31.009) office expenses ($200 +$1.004) Total expense Net operating Income Actual Results Flexible Budget Planning Budget 56 56 $ 16,200 $ 20,160 54 $19,440 8,638 8,672 8,490 1,850 1,688 1,620 2,506 2,626 2,564 504 504 486 424 256 254 33,922 13,238 13,422 $ 2,278 $6,422 $ 6,010 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 Note: 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 Fights 56 Revenue S 16.200 Flexible Budget Planning Budget 56 54 $ 20,160 5 19.440 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. Note: 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 56 $ 16,200 Flexible: Budget Planning Budget 56 54 $ 20,160 $ 19.440 Expenses Wages and salaries 8,638 8,672 8,498 Fuel 1,850 1.680 1,620 Airport fees 2.506 2,626 2,564 Aircraft depreciation 504 504 486 Office expenses 424 256 254 Total expense 13,922 13,738 13,422 Net operating income $ 2.278 $ 6,422 $ 6,018