Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concering the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 58 58 56 Flights (9) $ 16,100 $ 20,300 $ 19,600 Revenue ($350.009) Expenses: Wages and salaries ($3,400 + $88.899) Fuel ($32.00) Airport fees ($820 + $31.000) Aircraft depreciation ($11.004) Office expenses (5250 - $1.009) Total expense Net operating income 8,468 8,504 8,328 2,022 1,856 1,792 2,483 2,618 2,556 638 638 616 476 308 306 14,087 13,924 13,598 $ 2,013 $ 6,376 $ 6,092 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 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 Actual Results Planning Budget 56 58 Flights 58 $ $ $ 20,300 19,600 Revenue 16.100 8504 1,856 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Not operating income 8,328 1,792 2.556 616 8.468 2,022 2.483 638 2018 638 308 306 470 13,598 14.087 2013 13,924 6,376 $ $ 6.002 S