Vulcan Flyovers offers scenic overflights of Mount St. 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 Flexible Planning Results Budget Budget 55 55 53 Flights (9) $16,500 $19,250 $18,550 Revenue ($350.000) Expenses: Wages and salaries ($3,300 + $89.009) Fuel ($34.009) Airport fees ($830 + $32.009) Aircraft depreciation ($9.009) Office expenses ($250 + $1.009) Total expense Net operating income 8,157 8,195 8,017 2,932 1,870 1,802 2,480 2,590 2,526 495 495 477 473 305 303 13,637 13,455 13,125 $ 2,863 $ 5,795 $ 5,425 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 (.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 55 Planning Budget Flights 55 Revenue $ 16,500 19,250 18,550 8,195 1,870 2.590 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,157 2,032 2,480p 495 473/ 13,637 2,863 405 8,017 1,802 2,526 477 303 13.125 5,425 305 13.455 5,795 $ | $ $