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 appear below: Vulcan Flyovere Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flighta (9) 59 59 57 Revenue ($350.000) $ 16,000 $ 20,650 $ 19,950 Expensesi Wages and salaries ($3,600 + $87.00g) 8,699 8,733 9.559 Fuel ($33.00) 2,111 1,947 1,881 Alrport fees ($850 + $34.00) 2,711 2,056 2,788 Alroraft depreciation ($9.00g) 531 531 513 457 289 office expenses ($230 + $1.00g) 287 Total expense 14,509 14,356 14,028 Net operating income $ 1,491 $ 6,294 $ 5,922 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 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 t for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting favorable, "U" for unfavorable, and "None for no effect (.o., zero variance). Input all amounts as positive values.) Vulcan Flyover Reche Budget Performance Report For the Mont Ended July 31 Flexible Budges Acil Results 59 59 16,000 Planning Budget 57 $ 19,950 $ 20,660 Fighis Revenue Expenses Wages and salaries Fuel Airport foes Aircraft depreciation Office expenses Total expense Not operating income 8,699 2,111 2,711 531 457 14,509 8,733 1,947 2,856 531 289 14,356 6,294 8,550 1,881 2,788 513 287 14,028 5,822 1491