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) 60 60 58 $ 16,500 $21,600 $20,880 Revenue ($360.000) Expenses: Wages and salaries ($3,200 + $90.089) Fuel ($33.000) Airport fees (5880 + $32.009) Aircraft depreciation ($9.009) Office expenses ($220 + $1.089) Total expense Net operating income 8,560 8,600 8,420 2,144 1,980 1,914 2,650 2,800 2,736 540 540 522 448 280 278 14,342 14,200 13,870 $ 2,158 $ 7,400 $ 7,010 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 (l.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 60 Actual Results Planning Budget 58 Flights 60 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 (ie., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 60 Actual Results Planning Budget 58 Flights 60 $ $ $ 20,880 16.500 21,600 Revenue Expenses Wages and salaries Fuel Airport fees Alrcraft depreciation Office expenses Total expense Not operating incomo 8,560 2,144 2,650 8,600 1,980 2,800 540 280 540 8.420 1,914 2,736 522 278 13,870 7,010 448 14,342 2,158 14,200 7.400 $ $ $