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 (q) 60 60 58 $ 16,100 $20,700 $20,010 Revenue ($345.009) Expenses: Wages and salaries ($3,800 + $91.00) Fuel ($33.809 Airport fees ($818 + $30.000) Aircraft depreciation ($9.00) Office expenses ($200 + $1.089) Total expense Net operating income 9,218 9,260 9,878 2,144 1,989 1,914 2,490 2,610 2,550 540 540 522 428 260 258 14,828 14,650 14,322 $ 1,280 $ 6,050 $ 5,688 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 Endad July 31 Flexible Planning 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 60 Flights 60 $ $ $ 16.100 20,700 20,010 Revenue Expenses Wages and salaries Fuel Airport foos Aircraft depreciation Office expenses Total expense Not operating income 9,218 2,144 2,490 540 9,260 1,980 2,610 540 260 14,650 6,050 9,078 1,914 2.550 522 258 428 14,820 1.280 14,322 5,688 $ $ $