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 Results 59 Plichts (9) Flexible planning Budget Budget 59 57 316,200 520,000 1 19.10 Revenue ($340.009) Expensest Wages and salaries ($3,500 + 390.00) Fuel (532.000) Airport fees (5630 + 392.000) Aircraft depreciation (310.000) Office expenses (5238 + $1.000) Total expense Net operating Income 8,720 0,010 5,630 2,054 1,856 1,624 2,013 2.216 2.654 599 590 570 457 269 287 14.486 16,295 13,965 $ 1.716 5,765 55,415 The company measures its activity in terms of flights Customers can buy individual tickets for overlights 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 59 Actual Results Planning Budget 57 Flights 59 $ 16,200 $ 20.060 19,380 Revenue Expenses Wages and salaries Fuel 8,810 8,630 8,770 2,054 613 1 888 fees 2.718 590 590 457 1824 2,654 570 287 13,965 5,415 Aircraft depreciation Office expenses Total expense Net operating income 289 14,484 1716 14.295 5,765 $ $ $