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 Results 52 Flexible Planning Budget Budget 52 50 Flights (9) $ 16,100 $ 17,940 $ 17,250 Revenue ($345.009) Expenses: Wages and salaries ($3,500 + $87.009) Fuel ($32.009) Airport fees ($830 + $31.009) Aircraft depreciation ($11.009) Office expenses ($240 + $1.009) Total expense Net operating income 7,990 8,024 7,850 1,830 1,664 1,600 2,327 2,442 2,380 572 572 550 460 292 290 13,179 12,994 12,670 $ 2,921 $ 4,946 $ 4,580 dividual tickets for overflights or hire an entire plane for an The company measures its activity in terms of flights. Customers can buy 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 50 Fliahts 52 52 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 50 Flights 52 52 Revenue $ 16,100 $ 17,940 $ 17,250 Expenses: Wages and salaries Fuel 7,990 8,024 7,850 1,830 1,600 1,664 2,442 2.327 2,380 572 572 550 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 460 292 290 12,994 12,670 13,179 2,921 $ $ 4,946 $ 4,580