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 Yiyovers Operating Data For the Month Ended July 31 Actual Plexible Planning Results Budget Budget 55 55 53 Ylights (4) 516,200 $19,250 $18.550 Revenue ($350.000) Expenses: Wages and salaries ($3,600 + $88.009) Fuel ($31.000) Airport fees (5860 + $30.009) Miroraft depreciation ($10.000) Office expenses (5210 + 51.009) Total expense Net operating income 8,404 8,440 8,264 1,873 1,705 1,643 2,370 2,510 2,450 550 550 530 433 265 263 13,630 13 470 13,150 $ 2,570 5 5,780 5 5,400 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 56 Actual Results Planning Budget 53 Flights 55 Revenue $ 16 200 $ 19,250 $ 18,550 8,440 1,705 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Nel operating income 8,404 1,873 2,370 550 2.510 550 8,264 1.643 2,450 530 203 13,160 5,400 433 13,630 2,670 265 13 470 5,780 $ $ $