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 10 points wlcan Flyovers Operatins Data for the Month Ended July 31 Actual Flexible Planning Results Budget Budget eBook Flights (4) 57 57 Revenue ($35.004) Expenses Print ages and salaries (53,400+$87.00q) Fuel ($34.004) Airport fees ($870+$33.004) Aircraft depreciation ($8.004) Office expenses ($240 $1.604) 8,3258,359 8,18 2,100 1,938 1,870 References 2,751 2,685 456 456 Total expense 2,1435 6,149 5 5,775 Net operating income 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 unfevorable, and "None for no effect (L.e, zero veriance). Input all amounts as positive velues.) overflight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Undicate the effect of each variance by selecting-F" for favorable. "U. for unfavorable, and "None" for no effect ae.. zero variance). Input all amounts as positive values.) 10 points Flexible Budget Performance Report For the Month Ended July 31 Actual Results Revense and SpendingFlexiable ReferencesFlights 57 Revenue $ 16,100 S 19,950 $ 19250 Wages and salaries 83258389 8.359 2.100 2,611 456 465 13.957 8,185 1,870 2.685 440 295 3.475 5,775 Fuel Airport fees Aircrah depreciation 2.751 297 13.801 6.149 Olice expenses Total expense Net operating income