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 53 Flights (9) Flexible Planning Budget Budget 53 51 $ 16,200 $ 18,550 $ 17.850 Revenue ($350.000) Expenses: Wages and salaries ($3,400.587.000) Fuel (534.389) Airport fees ($810 - 532.000) Aircraft depreciation ($11.000) Office expenses ($220 - $1.004) Total expense Net operating Income 7,977 8,011 7,837 1,964 1,802 1,734 2,356 2,506 2,442 583 583 441 273 273 13,321 13,175 12,345 $ 2,879 $5,375 $ 5,005 561 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 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 Planning Budget Flights 53 53 51 Revenue $ 16,200 U S 18,550 s 17,850 Expenses Wages and salaries 7.977 F 8,011 U 7,837 1,964 Fuel U 1.802 U 1.734 2,356 F Airport fees 2.506 U 2.442 None 583 U 583 561 Aircraft depreciation U 273 U 441 271 Office expenses 13,175 U 12,845 Total expense Net operating income 13,321 2,879 $ 5,375 S 5.005 U $