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 44 Flights (9) Revenue ($350.00) Expenses: Wages and salaries ($3,400 $92.000) Fuel ($34.00g) Airport fees (5820 $34.000) Aircraft depreciation ($9.00) Office expenses ($210 $1.000) Total expense Net operating income Actual Results 58 Flexible Planning Budget 58 Budget 56 $ 16,500 5 20,300 $19,600 8,492 ,736 2,134 1,972 8,552 1,904 2,667 2,792 2,724 522 436 522 268 504 266 14,451 14,200 13,950 $ 2,049 $ 6,010 5 5,650 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 (ie, zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended 9.4 20 RU/m3p/index.html?con con&external browser 08daunchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question Saved 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.) Actual Results Flights 58 Revenue $ 16,500 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 58 20,300 Planning Budget 50 $ 19,600 Expenses Wages and salanes 8,602 8,736 8,552 Fuel 2,134 1,972 1,904 Airport fees 2,667 2,792 2,724 Aircraft depreciation 522 522 5041 268 266 Office expenses 436 Total expense 14,451 14,290 13,950 Net operating income $ 2,049 $ 6,010 $ 5,650