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 $ 18,285 Planning Budget 51 $ 17, 595 Wulcan Flyover's Operating Data For the Month Ended July 31 Actual Results Flights (9) 53 Revenue ($345.ce) $ 16,380 Expenses: Hages and salaries ($3,600 + $99.999) Fuel ($33.ee) 1,913 Airport fees ($860 + $31.eeq) Aircraft depreciation ($10.ee) 539 Office expenses ($239 + $1.667) 451 Total expense 13,622 Net operating income $ 3, 278 7,732 2,298 7,779 1,749 2,583 539 283 12 835 7,599 1,683 2,441 519 281 12, Ees $ 5,ce $ 5,450 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. Inclicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect ile., zero varlance). Input all amounts as positive values. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 53 18.286 Flights Revenue Actual Results 53 $ 16,300 Planning Budget 51 $ 17,595 $ 7,730 1,913 2,398 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7,770 1.749 2,503 530 7,590 1,683 2,441 510 530 451 283 281 13,022 3.278 12,835 5,450 12,505 5,090 $ $ $