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: Planning Budget Plexible Budget 59 $ 20,945 $ 20,235 Vulcan Plyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 59 Revenue ($355.009) $ 16,000 Expenses: Wages and salaries ($3,500 + $89.00) 8,713 Fuel ($32.009) 2,054 Airport fees ($840 + $34.00) 2,721 Aircraft depreciation ($11.009) 649 Office expenses ($200 + $1.009) 427 Total expense 14,564 Net operating income $ 1,436 8,752 1,888 2,846 649 259 14,393 $ 6,552 8,573 1,824 2,778 622 257 14,059 $ 6,176 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 59 $ 20.945 Actual Results Planning Budget 57 $ 20,235 59 $ 16,000 8,751 8,713 2,054 1,888 Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,573 1,824 2,778 627 2,721 649 2.846 649 259 257 427 14,564 1.436 14,393 6,552 14,059 6,176 $ $ $