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 56 Flexible Planning Budget Budget 56 54 Flights (9) $ 16,100 $ 19,600 $ 18,900 Revenue ($350.089) Expenses Wages and salaries (53,300 + "$91.689) Fuel ($32.009) Airport fees (5830 + $34.009) Aircraft depreciation ($9.009) Office expenses ($210 + $1.009) Total expense Net operating income 8,354 8, 396 8,214 1,958 1,792 1,728 2,594 2,734 2,666 564 504 486 434 264 13,844 13,692 13,358 $ 2,256 $ 5,908 $ 5,542 266 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Flexible Variances Budget 56 Actual Results Activity Variances Planning Budget 54 Flights 56 Revenue $ 16,100 $ 19.600 $ 18,900 U 8,214 1.728 U Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating Income F 8,354 1.958 2,594 504 434 13.844 2.256 8,396 1.792 2.734 504 None U U U U U U U 266 2,666 486 264 13.358 5.542 13,692 5.908 S U $ F S