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 52 $ 17,940 Planning Budget 50 $ 17,250 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 52 Revenue ($345.000) $ 16,000 Expenses: Wages and salaries ($3,100 + $86.009) 7,540 Fuel ($30.00q) 1,730 Airport fees ($810 + $30.009) 2,230 Aircraft depreciation ($9.009) 468 Office expenses ($230 + $1.00q) 450 Total expense 12,418 Net operating income $ 3,582 7,572 1,560 2,370 468 282 12,252 $ 5,688 7,400 1,500 2,310 450 280 11,940 $ 5,310 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 (i.e., zero variance). Input all amounts as positive values.) 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 Actual Results Planning Budget Flights 52 52 50 Revenue $ 16,000 17,940 $ 17,250 Expenses: Wages and salaries 7,540 7,572 7,400 Fuel 1,730 1,560 1,500 Airport fees 2,230 2,370 2,310 Aircraft depreciation 468 468 450 Office expenses 450 282 280 Total expense 12,418 12,252 11,940 Net operating income $ 3,582 5,688 5,310