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 Plexible Planning Results Budget Budget Flights (9) SJ 53 51 $ 16,300$18,285 $17.595 Revenue ($345.009) Expenses Wages and salaries ($3,500 + $89.009) Tuel ($30.00) Airport fees (SBBO + $35.004) Aircraft depreciation ($10.000) office expenses ($240 - $1.009) Total expense Net operating income 8,179 8,217 8,039 1,760 1,590 1,530 2,620 2,735 2,665 530 530 510 461 293 221 13,550 13, 365 13.035 $ 2,950 $4,920 3 4,560 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 53 Actual Results Planning Budget 511 Flights 53 $ 16,300 $ 18,285 $ 17,595 Revenue Expenses: Wages and salaries Fuel 8,179 1,760 2,620 530 461 8,217 1,590 2,735 8,039 1,530 2,665 Airport fees Aircraft depreciation Office expenses Total expenso Net operating income 510 530 293 13,650 2,750 13,365 4,920 291 13,035 4.560 $ $ $