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 58 58 Flights (9) 56 $ 16,400 $ 20,010 $ 19,320 Revenue ($345.009) Expenses : Wages and salaries ($3,300 + $85.00) Fuel ($31.009) Airport fees ($840 + $34.00) Aircraft depreciation ($9.009) Office expenses ($200 + $1.009) Total expense Net operating income 8,200 8,230 1,966 1,798 2,677 2,812 522 522 426 258 13,791 13,620 $ 2,609 $ 6,390 8,060 1,736 2,744 504 256 13,300 $ 6,020 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 (i.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 "None" for no effect (i.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 Planning Budget 56 Flights 58 58 Revenue $ 16,400 $ 3,6100 $ 20,010 $ 690 F $ 19,320 Expenses: Wages and salaries Fuel 8,230 1,798 2,812 8,200 1,966 2,677 522 426 13,791 2,609 8,060 1,736 2,744 504 0 None 522 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 180 258 13,620 6,390 256 13,300 $ $ $ 6,020