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 Flyover Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 55 55 53 Revenue ($345.000) $ 16,100 $ 18,975 $ 18,285 Expenses : Wages and salaries ($3,500 + $89.009) 8,357 8,395 8,217 Fuel ($31.000) 1,873 1,705 1.643 Airport fees ($810 + $33.009) 2,490 2,625 2,559 Aireraft depreciation (50.000) 440 440 424 Office expenses ($240 + $1.009) 295 293 Total expende 13,623 13,460 13.136 Net operating income $ 2,477 $ 5,515 $5,149 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.) Vulcan Flyovers Flexible Budget Performance Reptit For the Month Ended July 31 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 (.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 53 Flights 55 55 $ 16,10 s 18,975 $ 18,285 Revenue Expenses Wages and salaries 8,357 8,395 1.705 1,873 8,217 1.643 2,559 2,490 2,625 440 440 424 Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 463 295 293 13,623 13,460 13,136 5,149 s 2,477 $ 5,515 $