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 57 $ 20,520 Planning Budget 55 $ 19,800 Vulcan Plyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 57 Revenue ($360.000) $216,100 Expenses Wages and salaries ($3,000 - $88.000) 7,980 Fuel ($31.009) 1,935 Airport fees ($300 + $31.009) 2.462 Aircraft depreciation ($8.009) 456 office expenses ($240 + $1.004) 465 Total expense 13298 Net operating income $ 2,802 8,016 1,767 2,567 456 297 13, 103 $ 7,417 7,840 1,705 2,505 440 295 12,785 $ 7,015 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 (l.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 57 57 Planning Budget 56 $ 19,800 $ 16.100 $ 20,520 Flights Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7.980 1,935 2,462 456 465 8,016 1,767 2.567 456 297 13,103 7,417 7,840 1,705 2,505 440 13,298 2.802 295 12,785 7,015 $ $ $