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 (9) 57 57 55 Revenue ($345.009) $ 16,200 $ 19,665 $ 18,975 Expenses Wages and salaries ($3,000 + $91.009) 8,145 8,187 8,005 Fuel ($31.009) 1.935 1,767 1,705 Airport foon ($810 + $32.00) 2,499 2,634 2,570 Aircraft depreciation ($10.00g) 570 570 550 office expenses ($210 + $1.009) 435 267 265 Total expense 13,584 13,425 13,095 Het operating income $ 2,616 $ 6,240 $ 5,880 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 (ie, 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 55 Flights 57 57 Prev 1 of 1 !!! Next The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire p verflight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variance the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero varian all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 57 Actual Results Planning Budget 55 Flights 57 Revenue $ 16,200 $ 19,665 $ 18,975 8.187 8,005 8,145 1,935 1,705 2,570 2,499 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 570 550 1,767 2,634 570 267 13,425 6,240 265 435 13,584 2,616 13,095 5,880 $ $ $