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: Valean Flyovern Operating Data For the Month Noded July 31 Actual Textible Planning Results Budget Mudget Flights (9) 50 54 52 Revenue (8350.000) $ 16,200 $ 18,900 $ 18,200 Expensent Wagon and salaries (83,000 + $95.000) 7.560 7,590 7.420 Tuel (331.000) 1.842 1,674 1,612 Airport teen ($870 + $34.000) 2,601 2,706 2,638 Neeratt depreciation (08.00) 432 432 416 ottice expenses (0230 + $1.000) 452 204 282 Total expense 12,887 12.686 12360 Not operating Income $3,313 5.6.214 $ 5,832 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 varlance by selecting "P" for favorable. "U" for unfavorable, and "None" for no effect (le, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 54 18.900 Actual Results Flights Revenue 54 16.200 $ 5 $ 18.200 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overfilght 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 "P" for favorable, "U" for unfavorable, and "None" for no effect (le., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Endod July 31 Flexible Budget 54 $ 18,900 Actual Results Flights 54 16,200 Planning Budget 32 $ 18,200 Revenue $ Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Not operating income 7,560 1,842 2,601 432 7,590 1,674 2,700 432 284 12 886 3.214 7.420 1,612 2,638 416 282 12,368 6,832 452 12,887 3,313 $ S