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) 56 56 54 Revenue ($345.00) $ 16,500 $ 19,320 $ 18,630 Expenses: Wages and salaries ($3,600 + $85.089) Fuel ($32.009) 8, 330 8,360 8,190 1,958 Airport fees ($870 + $34.009) 1,792 1,728 2,664 Aircraft depreciation ($11.000) 2,774 2,706 616 616 Office expenses ($240 + $1.009) 464 296 Total expense 14,032 13,838 13,512 Net operating income $ 2,468 $ 5,482 $ 5,118 594 294 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.) 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 Flights 56 Planning Budget 54 56 $ 16,500 $ 19,320 $ 18,630 8,360 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 1,792 8,190 1,728 8,330 1.958 2,664 616 464 14,032 2,468 2,706 594 2,774 616 296 13,838 5,482 294 $ $ 13,512 5,118