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: Plexible Budget 48 $ 15,360 7.936 1,104 2.474 Planning Dudget 50 $ 16,000 Vulcan Plyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 48 Revenue ($320.000) $ 13,650 Expenses Wages and salaries (54.000 + 582.009) 8.430 Tuel ($23.000) 1.260 Airport fees ($650 - 530.000) 2,350 Aircraft depreciation (57.00) office expenses (5190 12.000) 460 Total expense 12,936 Het operating income 5014 336 8.100 1,150 2.550 350 290 12.440 5 3.560 286 12,136 $ 3,224 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 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 (.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results 48 $ 13.650 48 Planning Budget 50 $ 16.000 S 15,360 7,836 1.104 8.100 1,150 Flights Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Not operating income 8.430 1,260 2,350 336 460 2.474 336 2,550 350 290 286 12.836 814 12.136 3,224 12.440 3.560 s $ $