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: Van Flyover Operating Data For the month Ended July 1 Metal Flexible Planning tenuta Budget Budget 62 Flights Revente (5345.000) Expenses Nages and salaries (53.600 . 592.004) Tuel (532.000 Airport fees ($310. $30.000 Aircraft depreciation (63.004) office expenses ($220 + $1.004) Total expense Net operating Ince 116.1002121.290520,700 9.260 9,304 9,120 2.150 1.984 1,920 2.565 2,670 2,610 496 496 480 292 290 14,23110.746 14,220 The company measures its activity in terms of flights. Customers can buy Individual tickets for overlights 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 the zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 62 Actul Result Planning Budget 60 Flights 62 $ 16.100 $ 21,390 $ 20,700 Revenue Expenses: Wages and salaries 9.2001 9,304 9.120 Maraft depreciation (58.009) office expenses (9230 - $1.009) total expense Net operating income 496 496 480 460 292 290 1.14,931 14 745 14420 $ 1,169 S 6,644 $ 6,280 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 Flexible Budget 62 Actual Results Planning Budget 60 Flights 62 $ 16.100 $ 21,390 $ 20,700 9,120 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Orice expenses Total expense Net operating income 9,260 2.150 2,565 496 9,304 1,984 2,670 496 1.920 2,610 480 290 14420 6.280 460 14,931 1.169 29T 14,746 6,644 $ S $