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 57 Flexible Planning Budget Budget 57 55 Flights (9) $ 16,500 $ 19,380 $ 18,700 Revenue ($340.009) Expenses : Wages and salaries ($3,500 + $89.009) Fuel ($30.000) Airport fees ($830 + $31.009) Aircraft depreciation ($9.009) Office expenses ($200 + $1.009) Total expense Net operating income 8,535 8,573 8,395 1,880 1,710 1,650 2,467 2,597 2,535 513 513 495 425 257 255 13,820 13,650 13,330 $ 2,680 $ 5,730 $ 5,370 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.) 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 57 Actual Results Planning Budget 55 Flights 57 Revenue $ 16,500 $ 19,380 $ 18,700 Expenses: Wages and salaries Fuel 8,535 8,573 8.395 1,880 1.710 1,650 2.467 2,597 2,535 513 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 495 255 425 13,820 2.680 513 257 13,650 5,730 13,330 $ $ $ 5,370