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 Results Flexible Budget Planning Budget Flights (g) Revenue ($345.00g) Expenses: Wages and salaries ($3,600+ $89.00g) Fuel ($31.00g) Airport fees ($850 +$32.00g) Aircraft depreciation ($10.00g) Office expenses ($250 +$1.00g) Total expense Net operating income 57 57 55 $ 16,200 $ 19,665 $ 18,975 8,635 8,673 8,495 1,935 1,767 1,705 2,569 2,674 2,610 570 550 307 305 13,991 13,665 $ 2,016 $ 5,674 $ 5,310 570 475 14,184 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. Note: 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 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 Results Flexible Budget Planning Budget Flights (g) Revenue ($345.00g) Expenses: Wages and salaries ($3,600+ $89.00g) Fuel ($31.00g) Airport fees ($850 +$32.00g) Aircraft depreciation ($10.00g) Office expenses ($250 +$1.00g) Total expense Net operating income 57 57 55 $ 16,200 $ 19,665 $ 18,975 8,635 8,673 8,495 1,935 1,767 1,705 2,569 2,674 2,610 570 550 307 305 13,991 13,665 $ 2,016 $ 5,674 $ 5,310 570 475 14,184 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. Note: 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. Flights Actual Results 57 $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 19,665 $ 18,975 Revenue Expenses: Wages and salaries 8,635 8,673 8,495 Fuel 1,935 1,767 1,705 Airport fees 2,569 2,674 2,610 Aircraft depreciation 570 570 550 Office expenses 475 307 305 Total expense 14,184 13,991 13,665 Net operating income 2,016 $ 5,674 $ 5,310 Flights Actual Results 57 $ 16,200 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 19,665 $ 18,975 Revenue Expenses: Wages and salaries 8,635 8,673 8,495 Fuel 1,935 1,767 1,705 Airport fees 2,569 2,674 2,610 Aircraft depreciation 570 570 550 Office expenses 475 307 305 Total expense 14,184 13,991 13,665 Net operating income 2,016 $ 5,674 $ 5,310