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 Plyovers Operating Data For the Month Ended July 31 Actual Plexible Planning Results Budget Budget 60 60 58 Flights (9) $ 16,000 $21,000 $20,300 Revenue ($350.009) Expenses Wages and salaries ($3,100 + $92.009) Fuel ($31.009) Airport fees ($800 + $34.009) Aircraft depreciation ($8.009) Office expenses ($230. + $1.009) Total expense Net operating income 8,576 8,620 8,436 2,028 1,860 1,798 2,705 2,840 2,772 480 480 464 458 290 288 14, 247 24.090 13,758 $ 1,753 $ 6,910 $ 6,542 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 $ 16,000 $ 21,000 $ 20,300 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,576 2.028 2.705 480 458 14,247 8,620 1,860 2,840 480 290 8,436 1.798 2,772 464 288 14.090 6,910 13,758 6,542 $ 1,753 $