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 Flexible Planning Results Budget Budget Flights (9) 53 53 51 Revenue (5355.000) $ 16,400 $ 18,815 5. 18,105 Expenses: Hages and salaries (53,600 588.000) 8,228 8,264 Fuel (533.600) 3,088 1,913 1,749 1,683 Airport fees (5810 + $34.069) 2,512 2,612 Aircraft depreciation (59.699) 2,544 477 477 459 office expenses ($250 $1.004) 471 303 301 Total expense 13.681 13.405 13,025 Net operating income 5 2,799 $ 5,410 $ 5,030 The company measures its activity in terms of flights Customers can buy individual tickets for overlights 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 varionce). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 53 $ 18,815 Actual Results 53 16.400 Planning Budget 51 $ 18,105 5 Flights Revenue Expenses Wages and salarios Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income B.228 1913 2,512 477 8.264 1,749 2,612 477 303 13.405 5,410 8,088 1,683 2.544 459 301 13.075 5.030 471 13,601 2799 $