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 (q) Revenue ($345.00g) Expenses Wages and salaries ($3,000 +$88.00g) Fuel ($31.00q) Airport fees ($810 +$33.00g) Aircraft depreciation ($11.00q) Actual Results Flexible Budget Planning Budget 59 59 57 $16,000 $ 20,355 $ 19,665 8,156 8,192 8,016 1,997 1,829 1,767 2,647 2,757 2,691 649 649 627 437 13,886 269 267 13,696 13,368 $ 2,114 $ 6,659 $ 6,297 office expenses ($210 +$1.00g) Total expense Net operating income 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.) 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 Actual Results Flexible Budget Planning Budget Flights 59 59 57 Revenue $ 16,000 $ 20,355 $ 19,665 Expenses: Wages and salaries 8,156 8,192 8,016 Fuel 1,997 1,829 1,767 Airport fees 2,647 2,757 2,691 Aircraft depreciation 649 649 627 Office expenses 437 269 267 Total expense 13,886 13,696 13,368 Net operating income $ 2,114 $ 6,659 $ 6,297