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 (9) Revenue ($355.00g) Expenses: Wages and salaries ($3,200 +$91.00g) Fuel ($31.00g) Airport fees ($850 +$35.00g). Aircraft depreciation ($9.00g) Office expenses ($200 + $1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,200 $ 20,235 $ 19,525 8,345 8,387 8,205 1,935 1,767 1,705 2,715 2,845 2,775 513 513 425 257 495 255 13,933 13,769 13,435 $ 2,267 $ 6,466 $ 6,090 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire blane 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.) nt 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 (ie., zero variance). Input all amounts as positive values.) Flights Revenue Expenses: Actual Results 57 $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 20.235 $ 19,525 ences Wages and salaries 8,345 Fuel 1,935 Airport fees 2.715 Aircraft depreciation 513 8,387 1,767 2,845 513 8,205 1,705 2,775 495 Office expenses 425 257 255 Total expense 13.933 13,769 13,435 Net operating income $ 2,267 $ 6.466 $ 6.090