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 60 60 S8 Flights (9) $ 16,300 $ 21,600 $ 20,880 Revenue ($360.009) Expenses: Wages and salaries ($3,300 + $92.000) Fuel ($33.004) Airport fees ($860 + $31.000) Aircraft depreciation ($8.009) office expenses ($220 + $1.009) Total expense Net operating income 8,776 8,820 8,636 2,144 1,980 1,914 2,610 2,720 2,658 480 480 464 448 280 278 14,458 14.190 13,950 $ 1,842 $ 7,320 $ 6,930 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 nexible vuugel periormance report for Jury that includes revenue and spenuing 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 58 Flights 60 60 Revenue s 16,300 $ 21,600 $ 20,880 8.776 2,144 2,610 8,820 1,980 2,720 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,636 1.914 2,658 464 480 480 448 280 278 14.458 1,842 14,280 7,320 $ 13,950 6.930 $ $