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 54 54 52 Flights (9) 516,100 $18,630 517.948 Revenue ($345.089) Expenses: Wages and salaries (53,408 +591.089) Fuel (533.089) Airport fees (5830 - 530.089) Aircraft depreciation ($9.000) Office expenses ($200 + 51.689) Total expense Net operating income 8,272 8,314 8.132 1,946 1,782 1,716 2,345 2.450 2,390 486 486 468 422 254 252 13,472 13,286 12,958 $ 2.629 $ 5,344 $4,982 -ences The company measures its activity in terms of flights. Customers can buy individual tickets for overflight for 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 (1.0.zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budgut Performance Report For the Month Ended July 31 Flexible Budget 54 Actual Results Planning Budget 52 Flights 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 54 Actual Results Planning Budget 52 Flights 54 tes $ 16,100 $ $ 18,630 17.940 8.272 1,946 2345 8.314 1.782 Revenue Expenses Wages and salaries Fuel Airport foes Aircraft depreciation Office expenses Total expense Net operating income 8.132 1.710 2,390 2.450 468 486 188 422 252 12.958 4.982 254 13,266 5,344 13.471 2.629 $ $ $