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 53 Flights (9) $16,000 $19,080 $18,360 Revenue ($360.00) Expenses: Wages and salaries ($3,200 + $91.009) Fuel ($33.000) Airport fees ($860 + $33.000) Aircraft depreciation ($8.009) Office expenses ($220 + $1.009) Total expense Net operating income 7,981 8,0237,841 1,913 1,749 1,683 2,464 2,609 2,543 424 424 408 441 273 271 13,223 13,078 12,746 $ 2,777 $ 6,002 $ 5,614 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 varlance). all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results 53 Planning Budget Flights Revenue $ 16,000 19,080 $ 18,360 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7,981 1,913 2,464 424 441 13,223 2,777 8,023 1.749 2,609 424 273 13.078 6,002 7.841 1.683 2,543 408 271 12.746 5,614 $ $