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 Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 61 61 59 Revenue ($355.089) $ 16,400 $ 21,655 $ 20,945 Expenses: Wages and salaries ($3,100 + $87.00) 8,373 8,402 8,233 Fuel ($33.00) 2,177 2,013 1,947 Airport fees (5800 $32.009) 2,642 2,752 2,688 Aircraft depreciation ($9.089) 549 549 office expenses (5200 + $1.000) 429 261 259 Total expense 14,170 13,982 13,658 Net operating income $ 2,230 $ 7,673 $ 7,287 The company measures its activity in terms of flights Customers can buy individual tickets for overflights or hire an entire plone 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 (l.e., zero variance), Input all amounts os positive values.) 531 Vulcan Flyover Flouble Budget Performance Report For the Month Ended July 31 Flexible Budget 61 5 21.055 Actual Results Flights Revenue Experves 61 16.400 Planning Budget 59 $ 20.045 5 Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity varian the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero varia all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 61 Actual Results 61 16,400 Planning Budget 59 $ 20,945 $ $ 21,655 8,407 Flights Revenue Expenses: Wages and salaries Fuel Airport feos Aircraft depreciation Office expenses Total expense Net operating income 8.233 1.947 8,373 2,177 2,642 549 2,013 2.752 549 261 429 14,170 2,230 2,688 531 259 13,658 7,287 13.982 7,673 $ $ $