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 56 $ 19,320 Planning Budget 54 $ 18, 630 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flights (9) 56 Revenue ($345.00g) $ 16,400 Expenses: Wages and salaries ($3,700 + $91.009) 8,754 Fuel ($33.00 g) 2,012 Airport fees ($840 + $ 32.009) 2,492 Aircraft depreciation ($9.00 g) 504 Office expenses ($240 + $1.009) Total expense 14, 226 S Net operating income 2,174 8,796 1,848 2, 632 504 296 14,076 $5,244 8,614 1,782 2,568 486 294 13,744 $ 4,886 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 verlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 58 Actual Results 56 Planning Budget 54 S 16,400 S 19,320 S 18,630 8,754 8.614 1,782 Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,012 2,492 504 8,796 1,848 2,632 504 2.568 486 464 298 294 13,744 14,226 2,174 14,076 5,244 S S S 4,886