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: Flexible Budget 55 3 18,700 Planning Budget 53 $ 18,020 Vulcan Flyovern Operating Data For the Month Ended July 31 Ketual Results Flights (9) 55 Revenue (8340.000) $ 16,400 Expenses Wages and salaries ($3,200 + $89.009) 8,057 Fuel ($31.009) 1,873 Airport toon (9870 + $32.009) 2,480 Aircraft depreciation ($9.009) 495 office expenses ($220 + $1.004) 443 Total expenne 13.340 Het operating income $3,052 8,095 1.705 2,630 495 275 13, 200 $ 5,500 7.91% 1,643 2,566 477 273 12. 076 5. 5,144 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 (ie, zero variance), Input all amounts as positive values.) overflight at a discount. tickets for overflights or hire an entire plane for an 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 Flexible Budget 55 $ 18,700 Actual Results 55 16,400 Planning Budget 53 $ 18,020 $ Flights Rovenue Expenses Wages and solaries Fuel Airport foes Alrcraft depreciation Office expenses Total expense Not operating income 8,095 1.705 2.630 7.917 1,843 2,566 8,057 1,873 2.480 495 443 13,348 3,052 495 477 275 13,200 5,500 273 12,870 5,144 $ $ $