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: Flights (q) Revenue ($340.009) Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Expenses: Wages and salaries ($3,400 + $88.009) Fuel ($31.009) Airport fees ($890+ $31.009) Aircraft depreciation ($9.009) office expenses ($230 + $1.009) Total expense Net operating income Flexible Budget Planning Budget 55 55 53 $ 16,400 $ 18,700 $ 18,020 8,204 8,240 8,064 1,873 1,705 1,643 2,445 2,595 2,533 495 495 477 453 13,470 285 13,320 283 13,000 $ 2,930 $ 5,380 $ 5,020 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.) 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 55 $ 16,400 Flexible Planning Budget Budget 53 55 $ 18,700 $ 18,020 Expenses: Wages and salaries 8,204 8,240 8,064 Fuel 1,873 1,705 1,643 Airport fees 2,445 2,595 2,533 Aircraft depreciation 495 495 477 Office expenses 453 285 283 Total expense 13,470 13,320 13,000 Net operating income $ 2,930 $ 5,380 $ 5,020