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) 59 59 57 Revenue ($345.009) $16,300 $20,355 $19,665 Expenses: Wages and salaries ($3,700 + $86.000) 8,742 8,774 8,602 Fuel (532.009) 2,054 1,888 1,824 Airport fees (5840 + $32.009) 2,608 2,728 2,664 Aircraft depreciation ($10,004) 590 570 Office expenses ($230 + $1.009) 289 Total expense 14,451 14,269 13,947 Net operating income $ 1,849 3 6,086 5 5,718 590 457 287 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 Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 57 Flights 59 50 $ $ $ 19,665 16,300 20,355 Rovenue Expenses Wages and salanes Fuel Airport fees Aircraft depreciation Onice expenses Total expense Not operating income 8.742 2,054 2008 500 457 8,774 1.888 2,728 590 280 14,200 6,086 8,602 1,024 2,664 570 287 13.047 5,718 14.451 1.849 S 5