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 Flights (9) Buditet Budget 48 48 so Revenue (5320.069) $13,650 $ 15,360 $ 16,000 Expenses Wages and salaries (54,600 + $82.009) 3,430 7.936 8,100 Fuel ($23.004) 1.260 1,104 1,150 Airport fees (5658 + $38.609) 2,350 2,474 2,550 Aircraft depreciation ($2.004) 336 336 950 office expenses ($190 + 52.009) 460 286 290 Total expense 12,836 12,136 12,440 Net operating income 5 314 $3,224 53,560 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 CHECK 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 (ie, zero variance). Input all amounts as positive values.) Vulcari Flyovers Flexible Budget Rettoomance Report For the Month Ended duly 31 Revenue and Spending Flexible Variances Budget 48 Activity Variances Actual Results 48 Planning Budget Flights 50 inces $ 13,650 $ 15,360 $ 16.000 Revenue Expenses Wages and salaries Fuel 3.430 1.260 2,350 8.100 1.150 2,550 350 290 Airport fees 336 7936 1,104 2,474 336 286 12.136 3224 Aircraft depreciation Office expenses Total expense Not operating income 460 12.836 814 12.440 3560 5 $ $