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 Plexible Planning Results Budget Budget Flights (9) $9 59 57 Revenue ($340.000) $ 16,100 $ 20,660 $ 19,380 Expenses Wages and salaries (3,100 $90,000) 3,370 8.410 8,230 Fuel (533.000) 2,111 1,947 1,881 Airport fees (5830.533.600) 2,702 2,027 Aircraft depreciation ($11.000) D) 2,761 149 649 622 Office expenses ($240 - $1.000) 467 299 297 Total expense 14,299 14.132 1190 Net operating income $1,101 $ 5,928 $5,584 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 fiexible 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 (.e., zero variance). Input all amounts as positive values.) 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 "Nono" for no effect (1.6., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 59 $ 20,000 Actual Results 59 16.100 Planning Budget 57 $ 19.380 $ Flights Revenue Expenses Wogos and salarios Ful Airport foos Alcral depreciation Office expenses Total score Net operating income 8,370 2,111 2,702 640 407 14,290 1,801 8.410 1,947 2,827 649 299 14,132 5.028 8.230 1881 2,761 827 297 13.790 5,684 S $ S