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 Flights to 61 61 59 Revenue (5340.000) $ 16,300 $ 20,740 $ 20,060 Expenses Hages and salaries ($3,600 + $90.000) 9,050 9.090 8,910 Fuel ($31.000) 2,059 1,891 1,829 Airport fees ($850 + $35.009) 2,860 2,985 2.915 Aireraft depreciation ($8.000) 480 488 472 office expenses ($250 + $1.004) 479 311 309 Total expense 145936 14,765 16.435 Net operating income $ 1,364 $ 5,975 $ 5,625 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: Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate he effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect i.e., zero variance). Input Il amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Prepare a exible budget perromance 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 59 61 61 Flights $ Revenue 16,300 $ 20,740 $ 20,060 Expenses: Wages and salaries Fuel 8,910 1,829 9,050 2,059 2,860 488 9,090 1,891 2,985 488 2.915 472 479 311 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 309 14.936 14,765 14.435 5,625 $ 1,364 $ 5,975 $