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 52 eBook Flights (9) 54 54 Hint $ 16,500 $ 19,440 $ 18,720 Print References Revenue ($360.000) Expenses Wages and salaries ($3,500 + $91.009) Fuel ($33.009) Airport fees (5870 - $30.000) Aircraft depreciation ($9.009) office expenses ($240 - $1.009) Total expense Net operating incone 8,372 1,946 2,365 486 462 13,601 2.869 ,414 1,782 2.490 486 8,232 1.716 2.430 468 292 13, 138 5.582 13.466 5,974 $ 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 hudoet performance report for July that includes revenue and spending variances and activity 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 Planning Budget Flights Revenue 16,500 19,440 18.720 nces Expenses Wages and salarios Fuel Airport foes Aircraft depreciation Office expenses Total expense 8,372 1.946 2,365 486 462 8,414 1.782 2,490 486 294 13.466 5,9741 8.232 1.716 2,430 468 292 13,138 5,582 13.631 Net operating income $ $