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 Tor the Month nded July 31 Actual Flexible Planning Results Budget Budget Flights (9 53 53 51 Revenue (5350.000) $ 16,200 $18,550 $ 17,850 Expenses Wages and salaries ($3,400 $89.000) 8,079 8,117 7,939 Fuel (533.000) 1.913 1,749 1,683 Airport fees (5840 + $35.009) 2,580 2,695 2,625 Aircraft depreciation ($10.000) 530 530 510 ortice expenses (6210 $1.009) 431 Total expense 135331354 13.00 Het operating income $ 2,667 $ 5,196 5 4,832 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 "F" for favorable, "U" for unfavorable, and "None" for no effect (1.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 Flights Planning Budget 51 53 53 $ 16.200 $ 18,550 $ 17.850 Revenue Expenses Wages and salaries Fuel 8,079 7,939 1.913 8,117 1.749 2,695 Airport fees 2,580 1,683 2,625 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 (ie., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flexible Budget Flights Planning Budget 51 53 53 $ 16,200 $ 18,550 $ 17,850 8.079 1,913 Revenue Expenses Wages and salaries Fuel Airport foes Aircraft depreciation Office expenses Total expense Net operating income 8,117 1,749 2,695 2580 530 530 7,939 1,683 2,625 510 261 13,018 4,832 431 13,533 2,667 263 13,354 5.196 $ $ $