Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Deta 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) 60 60 59 $ 16,300 $ 20,700 $20,010 Revenue ($345.009) Expenses: Wages and salaries ($3,500 + $85.00g) Fuel ($30.00) Airport fees ($820 + $32.00g) Aircraft depreciation ($10.00) Office expenses ($200 + $1.009) Total expense Net operating income 9,570 8,600 B, 430 1,970 1,800 1,740 2,600 2,730 2,666 600 600 580 428 260 258 14,268 13,990 13,674 $ 2,132 $ 6,710 $ 6,336 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.) 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 58 Flights 60 60 $ 16,300 $ 20,700 S 20,010 Revenue Expenses Wages and salaries Fuel 8,570 8,600 8.430 1,740 1,800 1,970 2,600 600 428 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,730 600 260 2,666 580 258 14,168 2,132 13,990 6,710 13,674 6,336 $ $ S