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 (a) 57 57 SS $ 16,300 $ 19,950 $ 19.250 Revenue (5350.000) Expenses Wages and salaries (53,800 $98.689) Fuel ($91.00) Airport fees (5840 $32.00) Aircraft depreciation (58.ee) Office expenses ($230 - $1.000) Total expense Net operating income 8,890 8,93e 8.750 1,935 1,767 1,705 2,539 2,664 2,600 456 456 440 287 285 14,275 14,184 13,789 $ 2,025 $ 5,846 $5,470 455 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 (ie, 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 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane overflight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (I the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). 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 $ 16,300 $ 19,950 $ 19,250 8,890 inces Revenue Expenses Wages and salarios Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1.935 2.539 456 8.930 1,767 2,664 456 287 14,104 5.846 8.750 1.705 2,600 440 455 14,275 2,025 205 13.780 5,470 5 $ $