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 Flights (9) Revenue ($345.000) Expenses: Wages and salaries ($3,300+ $89.004) Fuel ($32.00q) Airport fees ($810 + $34.00q) Aircraft depreciation ($8.004) Office expenses ($200 $1.000) Total expense Net operating income Actual Results 58 Flexible Planning Budget Budget 58 56 $ 16,300 $ 20,010 $ 19,320 8,424 8,462 8,284 2,022 1,856 1,792 2,662 2,782 2,714 464 426 464 258 448 256 13,998 13,822 13,494 $ 2,302 $ 6,188 $ 5,826 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.) Actual Results Flights 58 Vulcan Flyovers Flexible Budget Performance Report. For the Month Ended July 311 Flexible Budget 58 Revenue $ 16.300 $ 20.010 Expenses Wages and salaries 8.424 8.462 Fuel 2.022 1866 Planning Budget 56 S 19.320 8.2014 1,792 Total expense Net operating income 426 13,998 258 13,822 256 13,494 $ 2,302 $ 6,188 $ 5,826 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 Actual Results Flights 58 Revenue $ 16,300 Flexible Budget 58 $ 20,010 Planning Budget 56 $ 19,320 Expenses Wages and salaries 8.424 8.462 8.284 Fuel 2.022 1,856 1,792 Airport fees 2.662 2.782 2,714 Aircraft depreciation 464 464 448 Office expenses 426 258 256 Total expense 13.998 13,822 13,494 Net operating income $ 2.302 S 6,188 $ 5.826