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 bata For the Month Ended July 31 Actual Flexible Planning Results Budget Dudget 54 54 52 Flights (9) $16.500 519,170 $18.460 Revenue (5355.000) Expenses: Wages and salaries ($3,300 + $87.00) ruel ($32.004) Airport fees ($850 + $31.009) Aircraft depreciation ($10.000) ottice expenses ($240 - $1.004) Total expense Net operating income 7,964 7.998 7,824 1,894 1,728 1,664 2,399 2.524 2,462 540 540 520 462 294 292 13,259 13,084 12,762 $ 3,241 5 6,086 $ 5,698 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.) DK Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Floxible Budget 54 Actual Results Planning Budget 52 Flights 54 $ 16,500 $ 19,170 $ 18.460 rices Revenue Expenses Wages and salarios Fuel Airport foon Aircraft depreciation Office expenses Total expense Net operating Income 7,964 1,894 2,399 540 7,998 1,728 2.524 540 294 13.084 6,086 7,824 1.684 2462 520 292 12.762 5,098 462 13,259 3.241 $ $ 5