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 59 59 57 Flights (9) $ 16,100 $20,945 $20,235 Revenue ($355.00) Expenses: Wages and salaries ($3,500 + $89.000) Fuel ($31.00) Airport fees (1800 + $33.089) Aircraft depreciation ($10.000) office expenses (S210 + $1.009) Total expense Net operating income 8, 713 8,751 8,573 1, 997 1.829 1,767 2,627 2, 747 2,681 599 590 570 437 269 267 14,364 14,186 13,858 $ 1,736 $ 6,759 $ 6,377 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 REYunu. 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 (1.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 59 Actual Results Flights 59 Planning Budget 57 Revenue $ 16.100 $ 20,945 20.235 + 8,713 1,997 8.751 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1.820 2.747 2,627 590 437 8,573 1,767 2,681 570 267 14,364 1.736 590 269 14,186 6.759 $ 13.858 6,377