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 ($340.000) Expenses: Wages and salaries ($3,500 $89.00) Fuel ($31.000) Airport fees ($870 $32.000) Aircraft depreciation ($10.00g) office expenses ($230 $1.000) Total expense Net operating incone Actual Results Flexible. Budget Planning Budget 59 59 57 $ 16,100 $ 20,060 $19,380 8,713 8,751 8,573 1,997 1,829 1,767 2,613 2,758 2,694 590 590 570 457 289 287 14,370 $1,730 14,217 13,891 $5,843 $ 5,489 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.) Flights Revenue Expenses Actual Results 59 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 59 57 $ 20,060 $ 19,380 Wages and salaries i 8,713 Fuel 1,997 Airport fees Aircraft depreciation 2,613 590 8,751 1,829 2,758 590 8,573 1,767 2,694 570 Office expenses 457 289 287 Total expense 14,370 14,217 13,891 Net operating income S 1,730 $ 5,843 $ 5,489