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 Flights (9) $ 16,400 $20,010 $ 19,320 Revenue ($345.00) Expenses Wages and salaries ($3,100 + $89.00) Puel ($31.000) Airport fees ($870 + $35.000) Aircraft depreciation ($11.009) office expenses ($220 + $1.009) Total expense Net operating income 8,224 1,966 2,770 638 B, 262 1,798 2,900 638 8.084 1,736 2,830 616 14,044 $ 2,356 13,87613,542 $ 6,134 $ 5,778 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 (.e., zero variance). Input all amounts as positive values.) 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 (.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 Flights Revenue 16,400 20.0101 19.320 Expenses 8,2241 8.262 Wages and salaries Fuel 1.966 1,798 1,736 Airport fees 2.770 2.900 2,830 446 Aircraft depreciation Office expenses Total expense Net operating income 14044 13.876 13.542 $ 2,356 6,134