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 Plexible Planning Results Budget Budget Flights (9) 62 62 60 Revenue ($340.009) $ 16,500 $ 21,080 $20,400 Expenses Wages and salaries ($3,100 + 391.004) 8,700 8,742 8,560 Fuel ($31.009) 2,090 1,922 1,860 Airport fees ($870 + $30.009) 2,585 2,730 2,670 Aireraft depreciation ($9.069) 558 558 540 Office expenses ($250 + $1.004) 480 312 310 Total expense 14,413 14,264 13940 Bet operating income $ 2,087 $ 6,816 $ 6,460 5 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 (l.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 60 Flights 62 62 $ 16,500 $ 21.080 $ 20,400 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 8,700 2,090 2,585 558 480 14.413 2,087 8,742 1.922 2,730 558 312 14.264 6,816 8,560 1,860 2,670 540 310 13,940 6,480 5 $ $