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

Sarved 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 Flexible Planning Budget Budget Flights (9) 5 16,300 $ 21,350 $ 20,700 8,480 2.270 Revenue ($345.00) Expenses Wages and salaries (53,000 + $89.00) Fuel (534.000) Airport fees (5820 + $35.00) Aircraft depreciation (510.009) Office expenses (5240 + $1.00) Total expense Net operating Income 8.518 2.1 2.990 620 3300 2.00 2920 600 620 14,715 14.538 16,200 $1,585 56,8525 6,500 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 effectie, zero variance). Input all amounts os positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Budo 52 $ 16,300 3 400 2.270 2875 Expenses: Wages and salaries ($3,600 + $89.00) Fuel ($34.009) Airport fees (5820 + $35.099) Aircraft depreciation ($18.609) office expenses ($240 + $1.00) Total expense Net operating income 8,480 2,270 2,875 620 470 14,715 1,585 8,518 2,108 2.990 620 302 14,538 $ 6,852 $ 8,340 2,040 2.920 600 300 14,200 6,500 $ 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 21 390 20.700 Expense Wages and salaries 8.518 Fuel 2108 2270 2.875 Airport fees 2.990 2920 6201 Arcraft depreciation O expenses Total expense 470 14.715 1453 Netering income