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 53 $ 18,015 Planning Badges 51 $ 18,105 Vila Flyover For the Month Ended: July 31 Operating bata Actual Results Flights (9) 53 Revenue (5355.000) S 16.000 Expande: Wages and salaries (53.700 + $87.000) 8.277 Fuel ($30.000) 1,760 Airport fees (5840 - $34.000) 2,517 Aireraft depreciation ($10.000) 530 office expenses ($210 + $1.000) 431 Total expense 13,515 $ Net operating income 2,485 8.311 1.590 2,642 530 263 13,336 55,479 0.137 1.530 2,574 510 261 13,012 5 5,093 The company measures its activity in terms of flights. Customers can buy individual tickets for overtlights 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning 36 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 Budget 53 $ 18.815 Actual Results 53 16,000 Planning Budget 51 $ 18,105 $ Flights Revenue Expenses: Wages and salarios Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income B.311 1.590 2,642 8.137 1,530 8.277 1.760 2,517 530 431 13,515 2.485 2,574 510 + 201 530 263 13,336 5,479 13.012 $ $ 5,093 $