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 Flexible Planning Results Budget Budget Flights (9) 59 59 57 Revenue ($355.009) $ 16,500 $20,945 $ 20,235 Expenses: Wages and salaries ($3,600 + $87.00) 8,699 8,733 8,559 Fuel ($32.089) 2,054 1,888 1,824 Airport fees ($850 + $33.009) 2,677 2,797 2,731 Aircraft depreciation ($9.009) 531 513 Office expenses ($200 + $1.009) 427 259 257 Total expense 14,388 14,208 13,884 Net operating income $ 2,112 $ 6,737 $ 6,351 531 25 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 Flyover Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 59 Actual Results Planning Budget 57 Flights 59 Revenue $ 16,500 $ 20,945 $ 20.235 Net operating income $ 2,112 $ 6,737 $ 6,351 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 Flexible Budget Actual Results Flights Planning Budget 57 59 59 Revenue $ 16,500 $ 20,945 $ 20.236 8.733 Expenses: Wages and salaries Fuel Airport foon Aircraft depreciation Office expenses Total expense Net operating income 8,699 2,054 2,677 531 1,888 2,797 531 259 14,208 6.737 8.559 1,824 2,731 513 257 13,884 6,351 427 14,388 2,112 $ $ $