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 Actual Results Flexible Budget Planning) Budget Plights (q) Revenue ($340.00g) Expenses Wages and salaries ($3,500 $88.00g) Fuel ($33.00g) Airport fees (5890 +$31.00g) Aircraft depreciation (59.00g) office expenses ($230 +$1,00g) Total expense Net operating income 56 $ 16,100 56 $ 19,040 54 $ 18,360 8,392 8,428 8,252 2,012 1,848 1,782 2,481 2,626 2,564 504 504 486 454 286 284 13,843 $2,257 13,692 13,368 $ 5,348 $ 4,992 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.) 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 Actual Results 56 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 56 54 $ 19,040 $ 18,360 Expenses: Wages and salaries 8,392 8,428 8,252 Fuel 2,012 1,848 1,782 Airport fees 2,481 2,626 2,564 Aircraft depreciation 504 504 486 Office expenses 454 286 2841 Total expense 13,843 13,692 13,368 Net operating income $ 2,257 $ 5,348 $ 4,992