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 55 Flexible planning Budget Budget 55 53 Flights (0) $16,400 18.925 $ 18,285 Revenue ($345.000) Expenses Wages and salaries (53,600 +590.000) Fuel (531.809) Airport fees (5830 + 533.689) Aircraft Nepreciation ($11.280) office expenses (5210 + 51.609) Total expense Tiet operating income 8,510 8,550 8,370 1,873 1,705 1,543 2,545 2,645 2.579 605 605 583 265 263 12,966 13,270 13.433 $ 2,43455,295 54,847 The company measures its activity in terms of flights Customers can buy individual tickets for overflights of hire an entre 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 selectina " for favorable. "U" for unfavorable, and "None" for no effect the zero variancel Input 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 Revenue and Spending Flexible Variances Budget Actual Results Activity Variances Flights 55 Planning Budget 53 55 - 16.400 5 18,975 $ 18.285 8,370 Revenue Expenses Wages and salarios Fuel Airport Arcraft depreciation Osce expenses Total expense Net operating income 8.510 1 673 2.545 605 433 13.966 2434 8.550 1.705 2.6.45 605 265 13.770 5.205 2.579 583 263 13434 4.847 3 5 S