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 Flights (9) Budget 56 56 54 Revenue ($345.009) $ 16,400 $ 19,320 $ 13,630 Expenses: Wages and salaries ($3,300 + $90.000) 8,300 B, 340 8,160 Fuel ($33.009) 2,012 1,848 1,782 Airport fees (5820 + $35.009) 2,655 2,780 2,710 Aircraft depreciation ($9.009) 504 504 Office expenses ($220 + $1.009) 444 276 274 Total expense 13,215 13,748 13,412 Net operating income $ 2,465 $ 5,572 $ 5,218 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 variancys (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.) 486 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 56 19,320 Actual Results 56 Planning Budget 54 $ 18,630 $ 16,400 $ 8,340 1,848 Flights Revenue Expenses: Wages and salarios Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,300 2,012 2,655 504 2.780 504 8.160 1,782 2,710 486 274 13,412 5,218 276 444 13,915 2.485 13,748 5,572 $ $ $