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 Plyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Flights (9) Budget Budget 56 56 54 Revenue ($355.000) $ 16, 200 $ 19.880 $ 19. 170 Expenses: Wages and salaries (53,500 + $90.009) 8,500 8,540 8,360 Fuel ($31.009) 1,904 1,736 1,674 Airport fees ($840 + $32.000) 2,497 2,632 2,568 Aircraft depreciation ($10.000) 560 560 540 ottice expenses ($240 - $1.004) 464 296 294 Total expense 13.925 13,764 13,436 Net operating income $ 2,275 5.6,116 55.734 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 (le, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning 5 IT dtv A l@ Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 56 $ 19,880 Actual Results Planning Budget 54 56 $ 16,200 $ 19,170 Flights Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Not operating income 8,540 1,736 2,632 8,360 1,674 8,500 1,904 2,497 560 464 13,925 2,275 2,568 540 560 296 294 13,436 13,764 6,116 $ 4 $ $ 5,734