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 Plyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 58 58 56 Flights (9) $ 16,300 $ 19,720 $19,040 Revenue ($340.000) Expenses Wages and salaries ($3,500 + $87.000) Puel ($33.009) Airport fees (5890 - $31.004) Aircraft depreciation (99.000) office expenses ($220 - $1.000) Total expense Net operating income 8,512 3,546 2,372 2,070 1.914 1.848 2.558 2.600 2.626 522 522 504 446 270 276 14,116 1941 13. 626 $ 2.1845 5772 55,414 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 effectie, zero variance), Input all amounts as positive values.) Vulcan Flyover Flexible Budget Performance Report For the Month Ended July Flexible Budget Planning Budget Actual Results 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 56 58 Flights 56 $ $ 19.040 $ 16.300 10.720 8.372 8,546 14 1. Revenue Expenses Wages and was Fuel Airport fees Aircran depreciation Office expenses Total expense Net operating come 8.512 2 078 2.555 29 522 504 446 27 13.04 5414 3 14.116 2184 $ 5