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 ($345.000) Expenses Wages and salaries ($3,400 $90.000) Fuel ($32.000) Aircraft depreciation ($11.00g) Airport fees (5000 $33.00g) office expenses ($220 $1.000) Tutal expense Set operating income Actual Results Flexible Budget Planning Budget 60 $16,200 60 $20,700 58 $ 20,010 8,760 8,800 8,620 2,086 1,920 1,056 2,655 2,780 2,214 660 660 638 448 14,609 $1,591 200 14,440 278 14,106 $ 0,200 $ 5,904 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 Actual Results Flights Revenue 60 $ 16,200 Flexible Budget Planning Budget 60 58 5 20,700 $ 20,010 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 Revenge Actual Results 60 $ 16,200 Flexible Budget 60 $ 20,700 Planning Budget 58 Expenses Wages and salaries 11,760 4,000) $ 20,010 8,620 Fuel 2.006 1,920 1.056 Airport fees 2.655 2,780 2,714 Aircraft depreciation 660 660 638 Office expenses 448 280 278 Total expense 14,600 14,440 14,106 Not operating income $ 1,591 $ 6.260 $ 5,904