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 ($345.00) : Wages and salaries ($3,100 + $91.00g) Fum ($32.00g) Airport Emex ($810 + $31.00g) Aircraft depreciation ($11.00g) office expenses ($250 +$1.00g) Total expense Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $16,500 $19,320 $ 18,630 8,154 8,196 8,014 1,958 1,792 1,728 2,401 2,546 2,484 616 474 616 594 13,603 306 13,456 304 13,124 $ 2,897 $ 5,864 $ 5,506 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 Actual Results 56 $ 18,500 Flexible Budget 56 S 19.320 Planning Budget 54 S 18.630 Revenue Expenses: Wages and salaries 8,154 F 8,198 U 8,014 Fuel 1,958 1,792 U 1,728 Airport fees 2,401 F 2,548 2,484 Aircraft depreciation 616 None 616 U 594 Office expenses 474 .. 306 304 Total expense 13,603 13,456 N 13,124 Net operating income 2,897 | S 5,864 F S 5,506 < Prey 3 of 9 Next >