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 Results 55 Flexible Planning Budget Budget 55 53 Flights (9) $ 16,300 $ 19,250 $ 18,550 Revenue ($350.009) Expenses: Wages and salaries ($3,400 + $85.009) Fuel ($32.009) Airport fees ($860 + $32.009) Aircraft depreciation ($11.009) Office expenses ($230 + $1.009) Total expense Net operating income 8,045 1,926 2,520 605 8,075 1,760 2,620 605 285 13,345 5,905 bo 7,905 1,696 2,556 583 283 13,023 5,527 453 13,549 2,751 $ $ $ 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 55. Planning Budget Flights 55 Revenue $ 16,300 $ 19,250 18,550 Expenses: 8,045 Wages and salaries Fuel 8,075 1,760 7,905 1,696 1,926 2,520 2,620 605 2,556 583 605 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 453 285 283 13,549 2,751 13,345 5,905 13,023 5,527 $ $ $