Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Dets 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 Ge 68 58 Flights (9) $ 16,300 $ 21,200 $ 20,388 Revenue ($358.280) Expenses: Wages and salarics ($3,120 + $88.28) Fuel ($31.989) Airport fees (5890 .331.004) Aircraft depreciation ($9.889) office expenses ($228 + $1.29) total expense Net operating income 8,344 8,388 8,204 2,828 1.860 1,798 2,630 2.750 2.688 540 540 522 449 280 278 13.990 13,810 13,498 $ 2,318 $ 7.190 56,810 The compar 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 fiexible budget performance report for July that includes revenue and spending variences and activity variances. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.) Vulcan Flyovere Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 60 Actual Results Planning Budget 58 Flights 60 S 16,300 S 21,000 S 20,300 8,344 8,380 8,204 Revenue Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 2,028 2,630 1,860 2.750 540 540 448 1,796 2,688 522 278 13,490 6,810 13.990 2,310 280 13,810 7.190 S S S