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Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1 9 8 2 . Data concerning

Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below:
Vulcan Flyovers
Operating Data
For the Month Ended July 31
Actual Results Flexible Budget Planning Budget
Flights (q)575755
Revenue ($350.00q) $ 16,100 $ 19,950 $ 19,250
Expenses:
Wages and salaries ($3,100+ $89.00q)8,1358,1737,995
Fuel ($34.00q)2,1001,9381,870
Airport fees ($830+ $31.00q)2,4572,5972,535
Aircraft depreciation ($11.00q)627627605
Office expenses ($240+ $1.00q)465297295
Total expense 13,78413,63213,300
Net operating income $ 2,316 $ 6,318 $ 5,950
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.)

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