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 52 52 50 Plights (9) 9 $ 16,000 $18.460 $17,750 Revenue ($355.000) Expenses : Wages and salaries ($3,800 + $85.00) Fuel ($33.000) Airport fees 15880 + $30.009) Aircraft depreciation ($11.009) Office expenses ($230 + $1.009) Total expense Net operating income 8,190 8,220 8,050 1,880 1,716 1,650 2,315 2,440 2.380 572 572 550 282 280 13,407 13,230 12,910 $ 2,593 $ 5,230 $ 4,840 450 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 fi.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 50 Flights 52 52 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 52 Actual Results Planning Budget 50 Flights 52 Revenue $ 16.000 $ 18,460 $ 17,750 Expenses Wages and salaries Fuel 8,190 8,220 1,716 1,880 2,315 572 8,050 1,650 2,380 2,440 572 550 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 450 282 280 12,910 13,407 2,593 13,230 5,230 $ $ $ 4,840