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Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1 9 8 2 . Data concerning

Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below:
Vulcan Flyovers
Operating Data
For the Month Ended July 31
Actual Results Flexible Budget Planning Budget
Flights (q)565654
Revenue ($340.00q) $ 16,400 $ 19,040 $ 18,360
Expenses:
Wages and salaries ($3,700+ $91.00q)8,7548,7968,614
Fuel ($34.00q)2,0661,9041,836
Airport fees ($870+ $30.00q)2,4202,5502,490
Aircraft depreciation ($9.00q)504504486
Office expenses ($210+ $1.00q)434266264
Total expense 14,17814,02013,690
Net operating income $ 2,222 $ 5,020 $ 4,670
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.

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